WAIS Document Retrieval[Code of Federal Regulations]
[Title 24, Volume 2, Parts 200 to 499]
[Revised as of April 1, 2000]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR203.356]

[Page 188]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
PART 203--SINGLE FAMILY MORTGAGE INSURANCE--Table of Contents
 
               Subpart B--Contract Rights and Obligations
 
Sec. 203.356  Notice of foreclosure and pre-foreclosure sale; reasonable diligence requirements.

    (a) Notice of foreclosure and pre-foreclosure sale. The mortgagee 
must give notice to the Secretary, in a format prescribed by the 
Secretary, within 30 days after the institution of foreclosure 
proceedings. The mortgagee must give notice to the Secretary, in a 
format prescribed by the Secretary, within the time-frame prescribed by 
the Secretary, of the acceptance of any mortgagor into the pre-
foreclosure sale procedure.
    (b) Reasonable diligence. The mortgagee must exercise reasonable 
diligence in prosecuting the foreclosure proceedings to completion and 
in acquiring title to and possession of the property. A time frame that 
is determined by the Secretary to constitute ``reasonable diligence'' 
for each State is made available to mortgagees.

[61 FR 36265, July 9, 1996]



