Source: https://www.law.cornell.edu/cfr/text/24/203.315
Timestamp: 2015-11-28 07:36:28
Document Index: 617550641

Matched Legal Cases: ['art 203', '§ 203', '§ 203', '§ 203', '§ 203', '§ 203', '§ 203', '§ 1709', '§ 1710', '§ 1715', '§ 1715', '§ 1715', '§ 1717']

24 CFR 203.315 - Termination by conveyance to other than Commissioner. | US Law | LII / Legal Information Institute
CFR › Title 24 › Subtitle B › Chapter II › Subchapter B › Part 203 › Subpart B › Section 203.315 24 CFR 203.315 - Termination by conveyance to other than Commissioner.
§ 203.315
Termination by conveyance to other than Commissioner.
For those mortgages to which the provisions of § 203.368 apply, the contract of insurance shall be terminated under the following circumstances:
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:
The mortgagee either acquires the property by any means, or
Acquires the property and gives such notice during the redemption period; or
The mortgagee notifies the Commissioner that it will not file a claim for the insurance benefits when:
The property is bid in and acquired at foreclosure by a party other than the mortgagee, or
After foreclosure of the mortgaged property by the mortgagee the property is redeemed.
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:
The mortgagee acquires the mortgaged property but does not convey it to the Commissioner;
The property is bid in and acquired at a foreclosure sale by a party other than the mortgagee;
After foreclosure the property is redeemed;
After foreclosure and during the redemption period the mortgagee gives notice that it will not tender the property to the Commissioner.
§ 203.315 Termination by conveyance to other than Commissioner.
(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:
[52 FR 1327, Jan. 13, 1987] This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 12 - BANKS AND BANKING§ 1709 - Insurance of mortgages§ 1710 - Payment of insurance§ 1715b - Rules and regulations§ 1715u - Authority to assist mortgagors in default§ 1715z-16§ 1717z-21