24 CFR 203.357 - Deed in lieu of foreclosure.

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There is 1 rule appearing in the Federal Register for 24 CFR 203. View below or at eCFR (GPOAccess)
§ 203.357 Deed in lieu of foreclosure.
(a) Mortgagors owning one property. In lieu of instituting or completing a foreclosure, the mortgagee may acquire property from one other than a corporate mortgagor by voluntary conveyance from the mortgagor who certifies that he does not own any other property subject to a mortgage insured or held by FHA. Conveyance of the property by deed in lieu of foreclosure is approved subject to the following requirements:
(1) The mortgage is in default at the time the deed is executed and delivered;
(2) The credit instrument is cancelled and surrendered to the mortgagor;
(3) The mortgage is satisfied of record as a part of the consideration for such conveyance;
(4) The deed from the mortgagor contains a covenant which warrants against the acts of the grantor and all claiming by, through, or under him and conveys good marketable title;
(5) The mortgagee transfers to the Commissioner good marketable title accompanied by satisfactory title evidence.
(b) Corporate mortgagors. A mortgagee may accept a deed in lieu of foreclosure from a corporate mortgagor in compliance with the requirements of paragraph (a) of this section, if the mortgagee obtains the prior written consent of the Commissioner.
(c) Mortgagors owning more than one property. The mortgagee may accept a deed in lieu of foreclosure in compliance with the provisions of paragraph (a) of this section, from an individual who owns more than one property which is subject to a mortgage insured or held by the FHA if the mortgagee obtains the prior written consent of the Commissioner.

Title 24 published on 2013-04-01

The following are only the Rules published in the Federal Register after the published date of Title 24.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2013-12-11; vol. 78 # 238 - Wednesday, December 11, 2013
    1. 78 FR 75215 - Qualified Mortgage Definition for HUD Insured and Guaranteed Single Family Mortgages
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      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of Secretary
      Final rule.
      Effective Date: January 10, 2014.
      24 CFR Parts 201, 203, 1005, and 1007

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United States Code

Title 24 published on 2013-04-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR 203 after this date.

  • 2014-03-13; vol. 79 # 49 - Thursday, March 13, 2014
    1. 79 FR 14200 - Federal Housing Administration (FHA): Handling Prepayments:Eliminating Post-Payment Interest Charges
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      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing-Federal Housing Commissioner
      Proposed rule.
      Comment Due Date: May 12, 2014.
      24 CFR Part 203