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: 24CFR203.364]

[Page 190]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
PART 203--SINGLE FAMILY MORTGAGE INSURANCE--Table of Contents
 
               Subpart B--Contract Rights and Obligations
 
Sec. 203.364  Mortgagee's liability for property expenditures.

    Where the Secretary acquires a property and thereafter it becomes 
necessary for the Secretary to reconvey the property to the mortgagee 
due to the mortgagee's noncompliance with these regulations or the 
application for insurance benefits is withdrawn with the consent of the 
Secretary, the mortgagee shall reimburse the Secretary for all expenses 
incurred in connection with such acquisition and reconveyance. The 
reimbursement shall include interest on the amount of insurance benefits 
refunded by the mortgagee from the date the insurance benefits were paid 
to the date of refund at an interest rate set in conformity with the 
Treasury Fiscal Requirements Manual, and the Secretary's cost of holding 
the property, accruing on a daily basis, from the date the deed to the 
Secretary was filed for record to the date of reconveyance. These costs 
are based on the Secretary's estimate of the taxes, maintenance and 
operating expenses of the property, and administrative expenses. 
Appropriate adjustments shall be made by the Secretary on account of any 
income received from the property.

[57 FR 47971, Oct. 20, 1992]



