§203.315. Termination by conveyance to other than Commissioner.
24 C.F.R. § 203.315
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.
Notes, amendments, and revision history
Amendments
[52 FR 1327, Jan. 13, 1987]
Authority
Authority: 12 U.S.C. 1707, 1709, 1710, 1715b, 1715z-16, 1715u, and 1715z-21; 15 U.S.C. 1639c; 42 U.S.C. 3535(d).
Source
Source: 36 FR 24508, Dec. 22, 1971, unless otherwise noted.
Amendments
[52 FR 1327, Jan. 13, 1987]