§36.4513. Foreclosure and liquidation.
38 C.F.R. § 36.4513
In the event of a foreclosure sale or other liquidation of the security for a loan, the Department of Veterans Affairs shall credit upon the indebtedness the greater of:
The net proceeds of the sale, or
The current market value of the property as determined by the Department of Veterans Affairs, less the costs and expenses of liquidation.
Notes, amendments, and revision history
Amendments
[23 FR 2340, Apr. 10, 1958]
Amendments
[24 FR 2658, Apr. 7, 1959]
Authority
Authority: 38 U.S.C. 501 and 3720.
Amendments
[23 FR 2340, Apr. 10, 1958]