§ 103.35 What must the lender do if the borrower defaults on the loan?
§ 103.36 What options and remedies does the lender have if the borrower defaults on the loan?
§ 103.37 What must the lender do to collect payment under its loan guaranty certificate or loan insurance coverage?
§ 103.38 Is there anything else for BIA or the lender to do after BIA makes payment?
§ 103.39 When will BIA refuse to pay all or part of a lender’s claim?
§ 103.40 Will BIA make exceptions to its criteria for denying payment?
§ 103.41 What happens if a lender violates provisions of this part?
§ 103.42 How long must a lender comply with Program requirements?
§ 103.43 What must the lender do after repayment in full?

Terms Used In CFR > Title 25 > Chapter I > Subchapter G > Part 103 > Subpart G - Default and Payment by Bia

  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.