§ 206.117. General.
90 words·~1 min read·
/us/cfr/t24/s§ 206.117·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Commissioner is required by statute to take any action necessary to provide a borrower with funds to which the borrower is entitled under the mortgage and which the borrower does not receive because of the default of the mortgagee. The Commissioner may hold a second mortgage to secure repayment by the borrower under § 206.27(d). Where the Commissioner does not hold a second mortgage, but makes a payment to the borrower, and such payment is not reimbursed by the mortgagee, the Commissioner shall accept assignment of the first mortgage.
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§ 206.117
General.
Fed. Reg.×1
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