25 U.S. Code § 493 - Reduction of unpaid principal
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(a) In general
The Secretary of Agriculture may, on the application of the borrower of a loan or loans made under sections 488 to 494 of this title, reduce the unpaid principal balance of such loan or loans to the current fair market value of the land purchased with the proceeds of the loan or loans if—
(1) the fair market value of the land has declined by at least 25 percent since such land was purchased by the borrower;
(b) Fair market value
Current fair market value under subsection (a) of this section shall be determined through an appraisal by an independent qualified fee appraiser, selected by mutual agreement between the borrower and the Secretary of Agriculture.
(d) Future applications
A borrower that had a loan or loans reduced under this section shall not submit an application for another reduction on such loan or loans for a period of 5 years after the initial reduction.
 See References in Text note below.
Source(Pub. L. 91–229, § 6, as added Pub. L. 101–82, title III, § 303,Aug. 14, 1989, 103 Stat. 583.)
References in Text
Section 333B of the Consolidated Farm and Rural Development Act (7 U.S.C. 1983b), referred to in subsec. (c), was repealed by Pub. L. 103–354, title II, § 281(c),Oct. 13, 1994, 108 Stat. 3233.