38 CFR 36.4513 - Foreclosure and liquidation.

§ 36.4513 Foreclosure and liquidation.

In the event of a foreclosure sale or other liquidation of the security for a loan, the Department of Veterans Affairs shall credit upon the indebtedness the greater of:

(a) The net proceeds of the sale, or

(b) The current market value of the property as determined by the Department of Veterans Affairs, less the costs and expenses of liquidation.

In no event shall the credit pursuant to paragraph (b) of this section exceed the amount of the gross indebtedness, nor shall such credit be less than the amount legally required to be credited to the indebtedness under local law. If a deed in lieu of foreclosure is accepted, the consideration will be a full and complete release of liability of the obligors, or such lesser amount as may be agreed upon between the obligors and the Department of Veterans Affairs.
[ 23 FR 2340, Apr. 10, 1958]

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

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United States Code
Public Laws

Title 38 published on 16-May-2018 03:41

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 38 CFR Part 36 after this date.

  • 2018-03-02; vol. 83 # 42 - Friday, March 2, 2018
    1. 83 FR 8945 - Federal Civil Penalties Inflation Adjustment Act Amendments
      GPO FDSys XML | Text
      Final rule.
      Effective Date: This rule is effective March 2, 2018.
      38 CFR Parts 36 and 42