§ 1005.741. Notice to Tribe and BIA---Borrower default.
110 words·~1 min read·
/us/cfr/t24/s§ 1005.741·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)When two consecutive Section 184 Guaranteed Loan payments are in default or sixty days after other default under the Section 184 Guaranteed Loan, the Servicer shall provide notice of default to:
(1)The BIA, where applicable, for Section 184 Guaranteed Loan property that is on Trust Land, in accordance with applicable BIA requirements; and,
(2)The Tribe, where applicable, for any Section 184 Guaranteed Loan property where a Borrower has provided consent of notification in accordance with § 1005.501(j).
(b)The Servicer shall continue exploring loss mitigation options, consistent with the requirements under this subpart, with the Borrower during the notification process to the Tribe and/or BIA, as applicable.