24 CFR 203.370 - Pre-foreclosure sales.

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There are 4 Updates appearing in the Federal Register for 24 CFR Part 203. View below or at eCFR (GPOAccess)
§ 203.370 Pre-foreclosure sales.
(a) General. HUD will pay FHA insurance benefits to mortgagees in cases where, in accordance with all regulations and procedures applicable to pre-foreclosure sales, the mortgaged property is sold by the mortgagor, after default and prior to foreclosure, at its current fair market value (less adjustments as the Commissioner may deem appropriate) but for less than the mortgage loan amount currently outstanding.
(b) Notification of mortgagor. The mortgagee shall give notice, according to prescribed procedures, of the opportunity to be considered for the pre-foreclosure sale procedure to each mortgagor in default. All notices to mortgagors must be in an accessible format, if requested, or if required by the person's known disability, as required by 24 CFR part 9.
(c) Eligibility for the Pre-foreclosure Sale Procedure. In order to be considered for the pre-foreclosure sale procedure, a mortgagor:
(1) Must be an owner occupant in a single family residence that is security for a mortgage insured under this part, unless otherwise prescribed by the Secretary.
(2) Must have an account in default, for such period as determined by the Secretary, which default is the result of an adverse and unavoidable financial situation.
(3) Must have, at the time application is made to pursue a pre-foreclosure sale, a mortgaged property whose current fair market value, compared to the amount needed to discharge the mortgage, meets the criterion established by the Secretary, unless a variance is granted by the Secretary.
(4) Must have received an appropriate disclosure, as prescribed by the Secretary.
[59 FR 50144, Sept. 30, 1994, as amended at 61 FR 35018, July 3, 1996; 72 FR 56161, Oct. 2, 2007]

Title 24 published on 2014-04-01.

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.

  • 2015-02-17; vol. 80 # 31 - Tuesday, February 17, 2015
    1. 80 FR 8243 - HUD's Qualified Mortgage Rule: Annual Threshold Adjustments to the Points and Fees Limit
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing—Federal Housing Commissioner
      Announcement of HUD's qualified mortgage rule's annual threshold adjustments.
      Effective Date: February 17, 2015.
      24 CFR Part 203

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United States Code

Title 24 published on 2014-04-01

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

  • 2015-02-20; vol. 80 # 34 - Friday, February 20, 2015
    1. 80 FR 9253 - Federal Housing Administration (FHA): Standardizing Method of Payment for FHA Insurance Claims
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing-Federal Housing Commissioner
      Proposed rule.
      Comment Due Date: April 21, 2015.
      24 CFR Parts 203, 207, 220, 221, 232, 235, 236 and 241