§ 3550.201 - Purpose of special servicing actions.

§ 3550.201 Purpose of special servicing actions.

Cross Reference

Link to an amendment published at 87 FR 6773, Feb. 7, 2022.

The Rural Housing Service (RHS) may approve special servicing actions to reduce the number of borrower failures that result in liquidation. Borrowers who have difficulty keeping their accounts current may be eligible for one or more available servicing options including: payment Payment assistance; delinquency workout agreements that temporarily modify payment terms; protective advances of funds for taxes, insurance, and other approved costs; and payment moratoriums; and reamortization of the loan. . Subject to the availability of funds and Agency priorities, refinancing may be available as a special servicing option in accordance with § 3550.52(c).

[87 FR 6773, Feb. 7, 2022]