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3792

FEDERAL REGISTER, Friday, September l t 1939

1 i Claim for reimbursement for it desires to pursue. If claim is made, insurance shall continue as if such de had not occurred.
loss on a qualified loan may be made to such security device shall be assigned, in fault 4
If the default is not cured as the Administrator after default on any Its entirety, to the United States of aforesaid, and if the lending institution America.
If the security taken is noninstallment, provided demand has been made upon the debtor for the full un assignable, all rights in such security has otherwise complied with the provi shall be exhausted by the insured insti sions of this Regulation, and at any time paid balance.
ii For the purpose of this Section, tution or the claim against the Admin within thirty 30 days or such further any payment received on an account, in istrator reduced by the full face amount time as may be necessary to complete the cluding payments on a judgment predi of the security taken before claim will title examination and perfect such title after acquiring possession of the mort cated thereon, shall be applied to the be paid by the Administrator.
5 The following form of assignment gaged property by foreclosure, or by other earliest unpaid installment, and when ever any installment is six months in ar properly dated shall be used in assigning means in accordance with this Regula rears claim shall be made within 31 days. a note, judgment, real estate mortgage, tion, tenders to the Administrator posses iii In the case of yearly installment deed of trust, conditional sales contract, sion of, and a deed containing a covenant notes, whenever an installment is twelve chattel mortgage or any other security which warrants against the acts of the lending institution and all claiming by, months in arrears claim must be made device in event of claim:
through, or under it, conveying good within 31 days thereafter.
All right, title and interest of th e under merchantable title to, such property un iv Upon presentation to him of the signed is hereby assigned w ithout warranty, facts of a particular case within the al except th at the note qualifies for insurance damaged by fire, earthquake, flood, or tornado, the Administrator shall prompt lowable claim period prescribed in this to th e United States of America.
ly accept conveyance of such property Section, the Administrator may, in his Financial institution
and, subject to 501.76, payment of loss discretion, extend the time within which By sustained by the institution will be made T itle claim must be made.
as follows:
date 2 Subject to 501.16 claim may be made only for loss sustained by the in i Net unpaid amount of advance b Claim for reimbursement for loss sured institution itself, and may include: on a qualified Class 3 loan shall be made actually made or the actual purchase price of the note, whichever is the lesser;
i Net unpaid amount of advance ac as provided in thi Section.
ii Uncollected earned interest after tually made or the actual purchase price 1 If the borrower fails to make any default interest is not to be claimed at a of the note, whichever is the lesser;
payment, or to perform any other cove rate to exceed 4% per annum for the ii Uncollected earned interest after nant or obligation under the mortgage default interest is not to be claimed a t a and such failure continues for a period first six months -nor thereafter to exceed rate to exceed 4% per annum and will of thirty 30 days, the note shall be 3 % per annum and will be calculated to be calculated to the date th claim is considered in default and at any time the date the claim is approved for pay ment ;
approved for payment ;
within one year from the date of default iii Actual legal -expenses incurred iii Uncollected court costs, includ the insured institution, at its election by the lending institution and approved ing fees paid for issuing, serving and fil shall either by the Administrator in connection with ing summons;
1 Acquire by means other than fore the foreclosure proceedings, or the ac iv Attorneys fees not exceeding 15%
of the amount collected by the attorney closure of the mortgage, possession of quisition of the mortgaged property and title to, the mortgaged property; or otherwise, and the conveyance thereof on the defaulted note;
v Handling fee of $5 for each loan, ii Commence foreclosure of the to the Administrator up to but not to if judgment is secured, plus 5% of mortgage; provided, that if the laws of exceed $75.00.
iv The amount of all payments amounts collected subsequent to return the State in which the mortgaged prop of unsatisfied property execution;
erty is situated do not permit the com which have been made by the lending vi An insured institution may not mencement of such foreclosure within institution for taxes, ground rents, waive its claim against the borrower for such p e r io d of time, the lending institu special assessments, and water rates attorney fees and subsequently call upon tion shall commence such foreclosure which are liens prior to the mortgage, the Administrator for payment of such within sixty 60 days after the expira and fire and hazard insurance premiums tion of the time during which such fore from the date of default, less any amount an item.
received by the lending institution from 3 Claim shall be made on a form closure is prohibited by such laws.
any source relating to the property on iii Nothing herein contained shall be provided by the Administrator, filled out completely and executed in duplicate by construed so as to prevent the lending account of rent or other; income, after a duly qualified officer of the insured institution, with the written consent of deducting reasonable expenses incurred institution. If the Regulations have been the Administrator, from taking action at in handling the property.
5 Evidence of title of the following complied with, payment of the loss will a later date than herein specified.
types will be satisfactory to the Admin be made on audit of the claim and upon 2 For the purposes of this section, proper assignment to the United States the date of default shall be considered istrator:
of America, of the note upon which the i A fee or owners policy of title in thirty 30 days after a the first loss occurred, together with any security as surance, guaranty or guarantee of uncorrected failure to perform a coven taken to secure payment thereof. Any ant or obligation, or b the first failure title, or aa certificate title, issued by security or judgment taken must be as to make a monthly payment which sub a title company, duly of authorized by law signed, and if any claim has been filed . in bankruptcy, insolvency or probate sequent payments by the mortgagor are and qualified by experience to issue or proceedings, such claim shall likewise be insufficient to cover when applied to the such;
an abstract of title prepared by assigned to the United States of overdue monthly payments in the order an ii abstract company or individual en in which they became due.
America.
3 If after default and prior to the gaged in the business of preparing ab 4 Where a real estate mortgage completion of foreclosure proceedings, stracts of title and accompanied by the deed of trust, or a conditional sales con tract, chattel mortgage or any other se the borrower shall pay to the insured in legal opinion as to the quality of such curity device has been used to secure stitution all monthly payments in default title signed by an attorney at law ex the payment of loans for eligible pur and such expenses as the insured insti perienced in examination of titles; or iii a Torrens or similar title cer poses, the insured institution may not tution shall have incurred in connection both proceed against such security and with the foreclosure proceedings, no tificate; or also make claim under its Contract of claim for reimbursement under the Coniv evidence of title conforming to Insurance, but shall elect which method i tract of Insurance can be made and the the standards of a supervising branch