Payment of insurance after default

4 rules

The failure of the mortgagor to make any payment due under or provided to be paid by the terms of a mortgage insured under this section shall be considered a default under such mortgage and, if such default continues for a period of thirty days, the mortgagee shall be entitled to receive the benefits of the insurance as hereinafter provided, upon assignment, transfer, and delivery to the Secretary, within a period and in accordance with rules and regulations to be prescribed by the Secretary of (1) all rights and interests arising under the mortgage so in default; (2) all claims of the mortgagee against the mortgagor or others, arising out of the mortgage transactions; (3) all policies of title or other insurance or surety bonds or other guaranties and any and all claims thereunder; (4) any balance of the mortgage loans not advanced to the mortgagor; (5) any cash or property held by the mortgagee, or to which it is entitled, as deposits made for the account of the mortgagor and which have not been applied in reduction of the principal of the mortgage indebtedness; and (6) all records, documents, books, papers, and accounts relating to the mortgage transactions. Upon such assignment, transfer, and delivery the obligation of the mortgagee to pay the premium charges for mortgage insurance shall cease, and the Secretary shall issue to the mortgagee a certificate of claim as provided in subsection (h), and debentures having a par value equal to the original principal face amount of the mortgage plus such amount as the mortgagee may have paid for (A) taxes, special assessments, and water rates, which are liens prior to the mortgage; (B) insurance on the property; and (C) reasonable expenses for the completion and preservation of the property and any mortgage insurance premiums paid after default, less the sum of (i) that part of the amount of the principal obligation that has been repaid by the mortgagor, (ii) an amount equivalent to 1 per centum of the unpaid amount of such principal obligation, and (iii) any net income received by the mortgagee from the property: Provided , That the mortgagee in the event of a default under the mortgage may, at its option and in accordance with regulations of, and in a period to be determined by, the Secretary, proceed to foreclose on and obtain possession of or otherwise acquire such property from the mortgagor after default, and receive the benefits of the insurance as herein provided, upon (1) the prompt conveyance to the Secretary of title to the property which meets the requirements of the rules and regulations of the Secretary in force at the time the mortgage was insured and which is evidenced in the manner prescribed by such rules and regulations, and (2) the assignment to him of all claims of the mortgagee against the mortgagor or others, arising out of the mortgage transaction or foreclosure proceedings, except such claims that may have been released with the consent of the Secretary. Upon such conveyance and assignment, the obligation of the mortgagee to pay the premium charges for insurance shall cease and the mortgagee shall be entitled to receive the benefits of the insurance as provided in this subsection, except that in such event the 1 per centum deduction, set out in (ii) hereof, shall not apply. Notwithstanding any other provision of this chapter, upon receipt, after September 2, 1964 , of an application for insurance benefits on a mortgage insured under this chapter, the Secretary may terminate the mortgagee’s obligation to pay premium charges on the mortgage.

Payment of insurance after default

4 rules

Official source

graph ↗build calculator ↗

name: default_continuation_days_for_insurance_benefits kind: parameter dtype: Count source: 12 USC 1713(g) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1713 excerpt: if such default continues for a period of thirty days versions: - effective_from: '0001-01-01' formula: '30'

name: mortgage_payment_default_continues_for_benefits kind: derived entity: Mortgage dtype: Judgment period: Day source: 12 USC 1713(g) metadata: proof: atoms: - path: versions[0].formula kind: predicate source: corpus_citation_path: us/statute/12/1713 excerpt: >- failure of the mortgagor to make any payment due ... shall be considered a default ... and, if such default continues for a period of thirty days - path: versions[0].formula kind: import import: target: us:statutes/12/1713#default_continuation_days_for_insurance_benefits output: default_continuation_days_for_insurance_benefits hash: sha256:local versions: - effective_from: '0001-01-01' formula: >- mortgagor_failed_to_make_payment_due and default_continues_days >= default_continuation_days_for_insurance_benefits

name: mortgagee_assignment_package_delivered kind: derived entity: Mortgage dtype: Judgment period: Day source: 12 USC 1713(g) metadata: proof: atoms: - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/12/1713 excerpt: >- upon assignment, transfer, and delivery to the Secretary ... of (1) all rights and interests ... (6) all records, documents, books, papers, and accounts versions: - effective_from: '0001-01-01' formula: |- rights_and_interests_under_defaulted_mortgage_assigned and mortgage_transaction_claims_assigned and title_or_other_insurance_claims_delivered and unadvanced_loan_balance_delivered and mortgagor_deposit_cash_or_property_delivered and mortgage_transaction_records_delivered

name: mortgagee_entitled_to_insurance_benefits_after_assignment kind: derived entity: Mortgage dtype: Judgment period: Day source: 12 USC 1713(g) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1713 - path: versions[0].formula kind: import import: target: us:statutes/12/1713#mortgage_payment_default_continues_for_benefits output: mortgage_payment_default_continues_for_benefits hash: sha256:local - path: versions[0].formula kind: import import: target: us:statutes/12/1713#mortgagee_assignment_package_delivered output: mortgagee_assignment_package_delivered hash: sha256:local versions: - effective_from: '0001-01-01' formula: |- mortgage_payment_default_continues_for_benefits and mortgagee_assignment_package_delivered

- name: mortgage_fee_simple_or_lease_years_minimum kind: parameter dtype: Count source: 12 USC 1713(a) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1713 excerpt: under a lease for not less than ninety-nine years which is renewable versions: - effective_from: '0001-01-01' formula: '99'

- name: mortgage_remaining_lease_years_minimum kind: parameter dtype: Count source: 12 USC 1713(a) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1713 excerpt: >- under a lease having a period of not less than fifty years to run from the date the mortgage was executed versions: - effective_from: '0001-01-01' formula: '50'

- name: mortgage_principal_value_cap_rate kind: parameter dtype: Rate source: 12 USC 1713(c) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1713 excerpt: Not to exceed 90 per centum of the estimated value of the property or project versions: - effective_from: '0001-01-01' formula: '0.90'

- name: no_bedroom_family_unit_limit kind: parameter dtype: Money unit: USD source: 12 USC 1713(c) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1713 excerpt: $38,025 per family unit without a bedroom versions: - effective_from: '0001-01-01' formula: '38025'

- name: one_bedroom_family_unit_limit kind: parameter dtype: Money unit: USD source: 12 USC 1713(c) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1713 excerpt: $42,120 per family unit with one bedroom versions: - effective_from: '0001-01-01' formula: '42120'

- name: two_bedroom_family_unit_limit kind: parameter dtype: Money unit: USD source: 12 USC 1713(c) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1713 excerpt: $50,310 per family unit with two bedrooms versions: - effective_from: '0001-01-01' formula: '50310'

- name: three_bedroom_family_unit_limit kind: parameter dtype: Money unit: USD source: 12 USC 1713(c) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1713 excerpt: $62,010 per family unit with three bedrooms versions: - effective_from: '0001-01-01' formula: '62010'

- name: four_or_more_bedroom_family_unit_limit kind: parameter dtype: Money unit: USD source: 12 USC 1713(c) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1713 excerpt: $70,200 per family unit with four or more bedrooms versions: - effective_from: '0001-01-01' formula: '70200'

- name: manufactured_home_space_limit kind: parameter dtype: Money unit: USD source: 12 USC 1713(c) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1713 excerpt: or not to exceed $17,460 per space versions: - effective_from: '0001-01-01' formula: '17460'

- name: family_unit_base_limit kind: derived entity: Mortgage dtype: Money period: Year unit: USD source: 12 USC 1713(c) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1713 - path: versions[0].formula kind: import import: target: us:statutes/12/1713#no_bedroom_family_unit_limit output: no_bedroom_family_unit_limit hash: sha256:local - path: versions[0].formula kind: import import: target: us:statutes/12/1713#one_bedroom_family_unit_limit output: one_bedroom_family_unit_limit hash: sha256:local - path: versions[0].formula kind: import import: target: us:statutes/12/1713#two_bedroom_family_unit_limit output: two_bedroom_family_unit_limit hash: sha256:local - path: versions[0].formula kind: import import: target: us:statutes/12/1713#three_bedroom_family_unit_limit output: three_bedroom_family_unit_limit hash: sha256:local - path: versions[0].formula kind: import import: target: us:statutes/12/1713#four_or_more_bedroom_family_unit_limit output: four_or_more_bedroom_family_unit_limit hash: sha256:local versions: - effective_from: '0001-01-01' formula: >- if bedroom_count == 0: no_bedroom_family_unit_limit else: if bedroom_count == 1: one_bedroom_family_unit_limit else: if bedroom_count == 2: two_bedroom_family_unit_limit else: if bedroom_count == 3: three_bedroom_family_unit_limit else: four_or_more_bedroom_family_unit_limit

- name: principal_obligation_value_limit kind: derived entity: Mortgage dtype: Money period: Year unit: USD source: 12 USC 1713(c) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1713 excerpt: Not to exceed 90 per centum of the estimated value of the property or project - path: versions[0].formula kind: import import: target: us:statutes/12/1713#mortgage_principal_value_cap_rate output: mortgage_principal_value_cap_rate hash: sha256:local versions: - effective_from: '0001-01-01' formula: mortgage_principal_value_cap_rate * estimated_completed_property_or_project_value

- name: default_continuation_days_for_insurance_benefits kind: parameter dtype: Count source: 12 USC 1713(g) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1713 excerpt: if such default continues for a period of thirty days versions: - effective_from: '0001-01-01' formula: '30'

- name: mortgage_payment_default_continues_for_benefits kind: derived entity: Mortgage dtype: Judgment period: Day source: 12 USC 1713(g) metadata: proof: atoms: - path: versions[0].formula kind: predicate source: corpus_citation_path: us/statute/12/1713 excerpt: >- failure of the mortgagor to make any payment due ... shall be considered a default ... and, if such default continues for a period of thirty days - path: versions[0].formula kind: import import: target: us:statutes/12/1713#default_continuation_days_for_insurance_benefits output: default_continuation_days_for_insurance_benefits hash: sha256:local versions: - effective_from: '0001-01-01' formula: |- mortgagor_failed_to_make_payment_due and default_continues_days >= default_continuation_days_for_insurance_benefits

- name: mortgagee_assignment_package_delivered kind: derived entity: Mortgage dtype: Judgment period: Day source: 12 USC 1713(g) metadata: proof: atoms: - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/12/1713 excerpt: >- upon assignment, transfer, and delivery to the Secretary ... of (1) all rights and interests ... (6) all records, documents, books, papers, and accounts versions: - effective_from: '0001-01-01' formula: |- rights_and_interests_under_defaulted_mortgage_assigned and mortgage_transaction_claims_assigned and title_or_other_insurance_claims_delivered and unadvanced_loan_balance_delivered and mortgagor_deposit_cash_or_property_delivered and mortgage_transaction_records_delivered

- name: mortgagee_entitled_to_insurance_benefits_after_assignment kind: derived entity: Mortgage dtype: Judgment period: Day source: 12 USC 1713(g) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1713 - path: versions[0].formula kind: import import: target: us:statutes/12/1713#mortgage_payment_default_continues_for_benefits output: mortgage_payment_default_continues_for_benefits hash: sha256:local - path: versions[0].formula kind: import import: target: us:statutes/12/1713#mortgagee_assignment_package_delivered output: mortgagee_assignment_package_delivered hash: sha256:local versions: - effective_from: '0001-01-01' formula: |- mortgage_payment_default_continues_for_benefits and mortgagee_assignment_package_delivered