3 AAC 40.010 - Guaranteed loan provisions
(a) Guaranty of
loans by the Division of Veterans' Affairs shall provide that the notice of
default is to be given within 90 days after default, and that such notice shall
be in writing. If such notice is not given in writing within 90 days after
default in interest or principal payments, the guaranty shall be null and void.
The guaranty shall further provide for assignment of the veteran's note and
mortgage to the division in the event the division is called upon to honor the
guaranty.
(b) A loan otherwise
eligible to be guaranteed which is for an amount over the legal maximum may be
guaranteed only for the legal maximum amount. In that case the guaranty applies
to the first and all subsequent amounts repaid until the balance has been
reduced by the amount of the guaranty, at which time the guaranty shall become
void. Then the remaining balance will be eligible for a new guaranty.
Notes
Authority:AS 26.15.010
AS 26.15.030
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