C.F.R. » Title 24 » CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT › SUBCHAPTER B—MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES › PART 201—TITLE I PROPERTY IMPROVEMENT AND MANUFACTURED HOME LOANS › Subpart G—Debts Owed to the United States Under Title I

24 C.F.R. § 201.61

Claims against debtors—principal amount of debt

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(a) Liability. A debtor is liable to the Secretary for the principal amount of the debt, as described in paragraphs (b), (c), or (d) of this section, as appropriate.

(b) Property improvement notes. In the case of an assigned note for a property improvement loan, the principal amount of the debt is the unpaid amount of the loan obligation, as defined in § 201.55(a)(1) of this part, plus amounts described in §§ 201.55(a) (3), (4), (5).

(c) Manufactured home notes. In the case of an assigned note for a manufactured home loan, the principal amount of the debt is the unpaid amount of the loan obligation, as defined in § 201.55(b)(1) of this part, plus amounts described in §§ 201.55(b) (3) through (8).

(d) Assigned judgments. In the case of a judgment obtained by the lender on a property improvement loan or a manufactured home loan and assigned to the Secretary, the principal amount of the debt is the amount of the judgment.

Notes of Decisions
Cited in 1 case, 1999–1999 · leading case: Ingram v. Cuomo
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Ingram v. Cuomo (1999) ncmd “53-55 (providing for calculation of the amount to be credited after foreclosure based on the best price obtainable); 24 C.F.R. § 201.61 (providing that the debt is the judgment amount if a judgment was obtained, but if no judgment was obtained, the debt is the amount of the…”
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