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Code · CFR · Title 24 — Housing and Urban Development · Part 203 — Single Family Mortgage Insurance · § 203.356

§ 203.356. Notice of foreclosure and pre-foreclosure sale; reasonable diligence requirements.

117 words·~1 min read·/us/cfr/t24/s§ 203.356·

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(a)Notice of foreclosure and pre-foreclosure sale. The mortgagee must give notice to the Secretary, in a format prescribed by the Secretary, within 30 days after the institution of foreclosure proceedings. The mortgagee must give notice to the Secretary, in a format prescribed by the Secretary, within the time-frame prescribed by the Secretary, of the acceptance of any mortgagor into the pre-foreclosure sale procedure.
(b)Reasonable diligence. The mortgagee must exercise reasonable diligence in prosecuting the foreclosure proceedings to completion and in acquiring title to and possession of the property. A time frame that is determined by the Secretary to constitute "reasonable diligence" for each State is made available to mortgagees. \[61 FR 36265, July 9, 1996\]
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§ 203.356
Notice of foreclosure and pre-foreclosure sale; reasonable diligence requirements.
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