24 CFR 1005.729
§ 1005.729 Section 184 Guaranteed Loan collection action.
United States · 24 CFR — Housing and Urban Development · Status: effective
Cite this
- Citation
- 24 CFR 1005.729, § 1005.729 Section 184 Guaranteed Loan collection action, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/102730
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Full text
A Servicer shall take prompt action to collect amounts due from Borrowers to minimize the number of accounts in default status. The Servicer must exhaust all reasonable possibilities of collection, including assessing the Borrower's financial circumstances for loss mitigation options in accordance with § 1005.739. No Servicer shall commence foreclosure, assign the loan to HUD, or acquire title to a property until the requirements of this subpart have been completed.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.