GroundRules
7 CFR 3550.156: Borrower obligations.
Where this section sits in the code
- Title 7—Agriculture
- Subtitle B—Regulations of the Department of Agriculture
- CHAPTER XXXV—RURAL HOUSING SERVICE, DEPARTMENT OF AGRICULTURE
- PART 3550—DIRECT SINGLE FAMILY HOUSING LOANS AND GRANTS
- Subpart D—Regular Servicing
(a) After receiving a loan from RHS, borrowers are expected to meet a variety of obligations outlined in the loan documents. In addition to making timely payments, these obligations include:
(1) Maintaining the security property; and
(2) Maintaining an adequately funded escrow account, or paying real estate taxes, hazard and flood insurance, and other related costs when due.
(b) If a borrower fails to fulfill these obligations, RHS may obtain the needed service and charge the cost to the borrowers account.
Collected 2026-08-27T02:24:01Z. Source file · JSON