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 203—SINGLE FAMILY MORTGAGE INSURANCE › Subpart B—Contract Rights and Obligations

24 C.F.R. § 203.315

Termination by conveyance to other than Commissioner

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(a) For those mortgages to which the provisions of § 203.368 apply, the contract of insurance shall be terminated under the following circumstances:

(1) The mortgagee notifies the Commissioner that it will not convey title to the Commissioner and will not file a claim for the insurance benefits when:

(i) The mortgagee either acquires the property by any means, or

(ii) Acquires the property and gives such notice during the redemption period; or

(2) The mortgagee notifies the Commissioner that it will not file a claim for the insurance benefits when:

(i) The property is bid in and acquired at foreclosure by a party other than the mortgagee, or

(ii) After foreclosure of the mortgaged property by the mortgagee the property is redeemed.

(b) For those mortgages to which the provisions as set forth in § 203.368 do not apply, the contract of insurance shall be terminated under the following circumstances:

(1) The mortgagee acquires the mortgaged property but does not convey it to the Commissioner;

(2) The property is bid in and acquired at a foreclosure sale by a party other than the mortgagee;

(3) After foreclosure the property is redeemed;

(4) After foreclosure and during the redemption period the mortgagee gives notice that it will not tender the property to the Commissioner.

[52 FR 1327, Jan. 13, 1987]
Notes of Decisions
Cited in 5 cases, 2015–2019 · leading case: JPMorgan Chase Bank, N.A. v. SFR Investments Pool 1, LLC, 200 F. Supp. 3d 1141 (D. Nev. 2016).
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JPMorgan Chase Bank, N.A. v. SFR Investments Pool 1, LLC, 200 F. Supp. 3d 1141 (D. Nev. 2016). · cites it 3× “” 24 C.F.R. § 203.315 (a)(2)®, (b)(2). HUD’s regulation providing for the *1164 termination of its insurance contract demonstrates that it consented to being divested of its interest in property under certain circumstances, one of which is when insured property is purchased at a…”
Carrington Mortg. Servs., LLC v. Tapestry At Town Ctr. Homeowners Ass'n, 381 F. Supp. 3d 1289 (D. Nev. 2019). · cites it 2× “If it fails to protect its interest, however, the lender loses any claim to benefits; under 24 C.F.R. § 203.315 , HUD's contract of insurance is terminated where "[t]he property is bid in and acquired at foreclosure by a party other than the mortgagee.”
Freedom Mortg. Corp. v. Las Vegas Dev. Grp., LLC, 106 F. Supp. 3d 1174 (D. Nev. 2015). · cites it 2× “315 (a)(2)(i), (b)(2) ("providing that the insurance contract "shall be terminated” if "[t]he property is bid in and acquired at a foreclosure sale by a party other than the mortgagee” ”). . Two courts in this district have considered Property Clause challenges to foreclosure…”
Renfroe Vs. Lakeview Loan Serv., LLC, 2017 NV 50 (Nev. 2017). · cites it 2× “" 24 C.F.R. § 203.315 (a)(2)(i) (2015); see also 24 C.”
Renfroe Vs. Lakeview Loan Serv., LLC, 2017 NV 50 (Nev. 2017). “" 24 C.F.R. § 203.315 (a)(2)(i) (2015); see also 24 C.”
— 24 C.F.R. § 203.315(a)(2)(i) — 1 case
Renfroe Vs. Lakeview Loan Serv., LLC, 2017 NV 50 (Nev. 2017). “" 24 C.F.R. § 203.315 (a)(2)(i) (2015); see also 24 C.”
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