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. § 206.123

Claim procedures in general

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(a) Claims. Mortgagees may submit claims for the payment of the mortgage insurance benefits if:

(1) The conditions of § 206.107(a)(1) pertaining to the optional assignment of the mortgage by the mortgagee have been met and the mortgagee assigns the mortgage to the Commissioner;

(2) The mortgagee is unable or unwilling to make the payments under the mortgage and assigns the mortgage to the Commissioner pursuant to the Commissioner's demand, as provided in § 206.121(b);

(3) The borrower or other permissible party sells the property for less than the outstanding loan balance and the mortgagee releases the mortgage of record to facilitate the sale, as provided in § 206.125(c);

(4) The mortgagee acquires title to the property by foreclosure or a deed in lieu of foreclosure and sells the property as provided in § 206.125(g) for an amount which does not satisfy the outstanding loan balance or fails to sell the property as provided in § 206.127(a)(2); or

(5) The mortgagee forecloses and a bidder other than the mortgagee purchases the property for an amount that is not sufficient to satisfy the outstanding loan balance, as provided in § 206.125(e).

(b) [Reserved]

Notes of Decisions
Cited in 2 cases (2 in the last 5 years), 2022–2022 · leading case: Bank of Am. v. Scott, A., 271 A.3d 897 (Pa. Super. Ct. 2022).
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Bank of Am. v. Scott, A., 271 A.3d 897 (Pa. Super. Ct. 2022). · cites it 2× “24 C.F.R. § 206.123 (b) (subsequently amended eff.”
Bank of Am. v. Scott, A. (Pa. Super. Ct. 2022). “24 C.F.R. § 206.123 (b) (subsequently amended eff.”
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