24 C.F.R. § 266.620 Termination of Contract of Insurance.
Title 24 - Housing and Urban Development
The Contract of Insurance shall terminate if any of the following occurs: (a) The mortgage is paid in full; (b) The HFA acquires the mortgaged property and notifies the Commissioner that it will not file an insurance claim; (c) A party other than HFA acquires the property at a foreclosure sale; (d) The HFA notifies the Commissioner of Termination of Insurance (voluntary termination); (e) The HFA or its successors commit fraud or make a material misrepresentation to the Commissioner with respect to information culminating in the Contract of Insurance on the mortgage or while the Contract of Insurance is in existence; (f) The receipt by the Commissioner of an Application for Final Claims Settlement; (g) If the HFA acquires the mortgaged property and fails to make an initial claim.
Title 24: Housing and Urban Development
PART 266—HOUSING FINANCE AGENCY RISK-SHARING PROGRAM FOR INSURED AFFORDABLE MULTIFAMILY PROJECT LOANS
Subpart G—Contract Rights and Obligations
Termination
§ 266.620 Termination of Contract of Insurance.
