---
kind: "section"
citation: "24 C.F.R. § 203.315"
title: "24"
number: "203.315"
heading: "Termination by conveyance to other than Commissioner."
url: "https://uscodex.org/cfr/24/203.315"
---

# §203.315. Termination by conveyance to other than Commissioner.

- (a) For those mortgages to which the provisions of [§ 203.368](/cfr/24/203.368.md) 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](/cfr/24/203.368.md) 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.

## Notes

### 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]