24 C.F.R. § 207.256b Modification of mortgage terms.
Title 24 - Housing and Urban Development
(a) The mortgagor and the mortgagee may, with the approval of the Commissioner, enter into an agreement which extends the time for curing a default under the mortgage or modifies the payment terms of the mortgage. (b) The Commissioner's approval of the type of agreement specified in paragraph (a) of this section shall not be given unless the mortgagor agrees in writing that, during such period as payments to the mortgagee are less than the amounts required under the terms of the original mortgage, it will hold in trust for disposition as directed by the Commissioner all rents or other funds derived from the property which are not required to meet actual and necessary expenses arising in connection with the operation of such property, including amortization charges under the mortgage. (c) The Commissioner may exempt a mortgagor from the requirement of paragraph (b) of this section in any case where the Commissioner determines that such exemption does not jeopardize the interests of the United States.
Title 24: Housing and Urban Development
PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE
Subpart B—Contract Rights and Obligations
Rights and Duties of Mortgagee Under the Contract of Insurance
§ 207.256b Modification of mortgage terms.
