12 CFR 617.7605
§ 617.7605 How should System institutions document whether the borrower had the financial resources to avoid foreclosure?
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 617.7605, § 617.7605 How should System institutions document whether the borrower had the financial resources to avoid foreclosure?, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/47957
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Full text
The right of first refusal applies only to borrowers who did not have the financial resources to avoid foreclosure or voluntary conveyance. A System institution must clearly document in its files whether the borrower had the resources to avoid foreclosure or voluntary conveyance.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.