§3550.156. Borrower obligations.
7 C.F.R. § 3550.156
After receiving a loan from RHS, borrowers are expected to meet a variety of obligations outlined in the loan documents. In addition to making timely payments, these obligations include:
Maintaining the security property; and
Maintaining an adequately funded escrow account, or paying real estate taxes, hazard and flood insurance, and other related costs when due.
If a borrower fails to fulfill these obligations, RHS may obtain the needed service and charge the cost to the borrowers account.
Notes, amendments, and revision history
Authority
Authority: 5 U.S.C. 301; 42 U.S.C. 1480.
Source
Source: 61 FR 59779, Nov. 22, 1996, unless otherwise noted.