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 206—HOME EQUITY CONVERSION MORTGAGE INSURANCE › Subpart C—Contract Rights and Obligations

24 C.F.R. § 206.117

General

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The Commissioner is required by statute to take any action necessary to provide a borrower with funds to which the borrower is entitled under the mortgage and which the borrower does not receive because of the default of the mortgagee. The Commissioner may hold a second mortgage to secure repayment by the borrower under § 206.27(d). Where the Commissioner does not hold a second mortgage, but makes a payment to the borrower, and such payment is not reimbursed by the mortgagee, the Commissioner shall accept assignment of the first mortgage.

Notes of Decisions
Cited in 1 case (1 in the last 5 years), 2021–2021 · leading case: Bartolomeo USA v. HUD (5th Cir. 2021).
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Bartolomeo USA v. HUD (5th Cir. 2021). “§ 1715z-20(i); 24 C.F.R. §§ 206.117 , 206.121(a). To implement this program, the parties agree that in general two deeds of trust are issued and recorded reflecting two mortgages.”
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