Code of Federal Regulations · Section
§ 1005.761 — Fee Simple Properties—Foreclosure Or Assignment With Hud Approval
24 C.F.R. § 1005.761
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(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.
Authorizing Statute
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Administrative provisions42 U.S.C. § 3535
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Minimum standards for residential mortgage loans15 U.S.C. § 1639c