---
kind: "section"
citation: "12 U.S.C. § 1715z–4"
title: "12"
title_heading: "Banks and Banking"
number: "1715z–4"
heading: "Modifications in terms of mortgages covering multifamily projects; requests for extensions to cure defaults or for modification of mortgage terms; regulations"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/1715z-4"
units:
  - "Chapter 13 — National Housing"
  - "Subchapter II — Mortgage Insurance"
---

# §1715z–4. Modifications in terms of mortgages covering multifamily projects; requests for extensions to cure defaults or for modification of mortgage terms; regulations


The [Secretary](/usc/12/1715z–22a.md?p=4) shall not consent to any request for an extension of the time for curing a default under any [mortgage](/usc/12/1707.md?p=a) covering [multifamily housing](/usc/12/1715z–22a.md?p=1), as defined in the regulations of the [Secretary](/usc/12/1715z–22a.md?p=4), or for a modification of the terms of such [mortgage](/usc/12/1707.md?p=a), except in conformity with regulations prescribed by the [Secretary](/usc/12/1715z–22a.md?p=4) in accordance with the provisions of this section. Such regulations shall require, as a condition to the granting of any such request, that, during the period of such extension or modification, any part of the rents or other funds derived by the [mortgagor](/usc/12/1707.md?p=b) from the property covered by the [mortgage](/usc/12/1707.md?p=a) which is not required to meet actual and necessary expenses arising in connection with the operation of such property, including amortization charges under the [mortgage](/usc/12/1707.md?p=a), be held in trust by the [mortgagor](/usc/12/1707.md?p=b) and distributed only with the consent of the [Secretary](/usc/12/1715z–22a.md?p=4); except that the [Secretary](/usc/12/1715z–22a.md?p=4) may provide for the granting of consent to any request for an extension of the time for curing a default under any [mortgage](/usc/12/1707.md?p=a) covering [multifamily housing](/usc/12/1715z–22a.md?p=1), or for a modification of the term of such [mortgage](/usc/12/1707.md?p=a), without regard to the foregoing requirement, in any case or class of cases in which an exemption from such requirement does not (as determined by the [Secretary](/usc/12/1715z–22a.md?p=4)) jeopardize the interests of the United States.


## Source credit

(June 27, 1934, ch. 847, title II, § 239, as added Pub. L. 90–448, title III, § 302, Aug. 1, 1968, 82 Stat. 506; amended Pub. L. 100–242, title IV, § 416(c), Feb. 5, 1988, 101 Stat. 1908.)

## Notes

### Editorial Notes

### Amendments

1988—Pub. L. 100–242 struck out “insured” before “mortgages” in section catchline, and struck out subsec. (a) designation and subsec. (b) which related to violations and penalties imposed for violations of the provisions of former subsec. (a).