§ 1005.761. Fee simple properties---foreclosure or assignment with HUD approval.
60 words·~1 min read·
/us/cfr/t24/s§ 1005.761·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Unless a Borrower has completed a pre-foreclosure sale or a deed-in-lieu of foreclosure in accordance with §§ 1005.753 and 1005.755, the Servicer must complete First Legal Action on the Section 184 Guaranteed Loan pursuant to § 1005.763.
(b)Under limited circumstances, HUD may approve an assignment of a Section 184 Guaranteed Loan to HUD for fee simple land properties.