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 Code of Federal Regulations (Last Updated: October 10, 2024)
 Title 24 - Housing and Urban Development
 Subtitle B - Regulations Relating to Housing and Urban Development
 Chapter II - Office of Assistant Secretary for Housing - Federal Housing Commissioner, Department of Housing and Urban Development
 SubChapter B - Mortgage and Loan Insurance Programs Under National Housing Act and Other Authorities
 Part 203 - Single Family Mortgage Insurance
 Subpart B - Contract Rights and Obligations
 Mortgages on Property Located on Indian Land

§ 203.438 - Mortgages on Indian land insured pursuant to section 248 of the National Housing Act.

Latest version.

  • § 203.438 Mortgages on Indian land insured pursuant to section 248 of the National Housing Act.

    (a) Exemptions. The provisions of § 203.366 shall not apply to mortgages insured pursuant to section 248 of the National Housing Act.

    (b) Claim procedure. In addition to other actions which the mortgagee may take pursuant to this subpart in order to receive insurance benefits, a mortgagee shall be entitled to receive such benefits on a mortgage insured under § 203.43h when

    (1) the mortgagor is more than 90 days in default;

    (2) the mortgagee has submitted appropriate documentation to the Secretary in accordance with § 203.350(b); and

    (3) the Secretary has approved the assignment of the mortgage.

    (c) Foreclosure by HUD. HUD may initiate foreclosure proceedings with respect to any mortgage acquired under this section in a tribal court, a court of competent jurisdiction or Federal district court. If the mortgagor remains on the property following foreclosure, HUD may seek an eviction order from the court hearing the foreclosure action.

    [51 FR 21872, June 16, 1986, as amended at 61 FR 35019, July 3, 1996]