C.F.R. » Title 12 » CHAPTER VI—FARM CREDIT ADMINISTRATION › SUBCHAPTER B—FARM CREDIT SYSTEM › PART 617—BORROWER RIGHTS › Subpart G—Right of First Refusal

12 C.F.R. § 617.7605

How should System institutions document whether the borrower had the financial resources to avoid foreclosure?

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The right of first refusal applies only to borrowers who did not have the financial resources to avoid foreclosure or voluntary conveyance. A System institution must clearly document in its files whether the borrower had the resources to avoid foreclosure or voluntary conveyance.