{"data":{"id":"us/24-cfr-241.1220","jurisdiction":"us","citation":"24 CFR 241.1220","heading":"Termination of insurance benefits.","body":"All of the provisions of § 207.253a of this chapter apply to subpart F of this part, except that the following shall also constitute grounds for terminating the contract of insurance:\n(a) The failure of the lender to notify the Commissioner in a timely manner of a foreclosure action initiated by the holder of the senior insured mortgage; and\n(b) The failure of the lender when directed by the Commissioner to assign the equity or acquisition loan or bid an amount necessary to acquire title to the project and convey the project to the Commissioner, in accordance with § 241.1210.","path":["Title 24—Housing and Urban Development","Subtitle B—Regulations Relating to Housing and Urban Development","CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT","SUBCHAPTER B—MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES","PART 241—SUPPLEMENTARY FINANCING FOR INSURED PROJECT MORTGAGES","Subpart F—Insurance for Equity Loans and Acquisition Loans—Contract Rights and Obligations"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-24.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:55Z","sha256":"6d8161412793d6a28847d901195ab97e481eaeaadccd4aed13db142dd75ca87a","source_id":"us-cfr","stale":true,"prev":"us/24-cfr-241.1215","next":"us/24-cfr-241.1230"},"notice":"GroundRules: Original legal text. Not legal advice."}