§ 290.35 - Sale of HUD-held mortgages securing unsubsidized projects.

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§ 290.35 Sale of HUD-held mortgages securing unsubsidized projects.

HUD's policy for selling HUD-held mortgages securing unsubsidized projects is as follows:

(a) Current mortgages may be sold with or without FHA mortgage insurance.

(b) Delinquent mortgages may be sold without FHA mortgage insurance. However, delinquent mortgages will not be sold if:

(1) HUD believes that foreclosure is unavoidable; and

(2) The project securing the mortgage is occupied by very low-income tenants who are not receiving housing assistance and would be likely to pay rent in excess of 30 percent of their adjusted monthly income if HUD sold the mortgage.

                    
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§ 290.35 - Sale of HUD-held mortgages securing unsubsidized projects.

§ 290.35 Sale of HUD-held mortgages securing unsubsidized projects.