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: 24CFR203.377]

[Page 195]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
PART 203--SINGLE FAMILY MORTGAGE INSURANCE--Table of Contents
 
               Subpart B--Contract Rights and Obligations
 
Sec. 203.377  Inspection and preservation of properties.

    The mortgagee, upon learning that a property subject to a mortgage 
insured under this part is vacant or abandoned, shall be responsible for 
the inspection of such property at least monthly, if the loan thereon is 
in default. When a mortgage is in default and a payment thereon is not 
received within 45 days of the due date, and efforts to reach the 
mortgagor by telephone within that period have been unsuccessful, the 
mortgagee shall be responsible for a visual inspection of the security 
property to determine whether the property is vacant. The mortgagee 
shall take reasonable action to protect and preserve such security 
property when it is determined or should have been determined to be 
vacant or abandoned until its conveyance to the Secretary, if such 
action does not constitute an illegal trespass. ``Reasonable action'' 
includes the commencement of foreclosure within the time required by 
Sec. 203.355(b) of this part.

[57 FR 47972, Oct. 20, 1992]



