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Code of Federal Regulations Title 24. Housing and Urban Development § 24.201.62 Claims against debtors—interest, penalties, and administrative costs

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) Interest. In addition to the principal amount of the debt, the debtor is liable for the payment of interest. Interest accrues on the principal amount of the debt as of the date of default, as defined in § 201.2(h) of this part, as follows:

(1) In the case of a debt based upon the assignment of a defaulted note, interest is assessed at the lesser of the rate specified in the note or the United States Treasury's current value of funds rate in effect on the date the Title I insurance claim was paid.

(2) In the case of a debt based upon the assignment of a judgment, interest is assessed at the lesser of the rate specified in the judgment or the United States Treasury's current value of funds rate in effect on the date the Title I insurance claim was paid.

(b) Penalties and administrative costs. The Secretary shall assess reasonable administrative costs and penalties as authorized in 31 U.S.C. 3717, unless there is no provision in the note providing for such charges and the debtor has not otherwise consented to liability for such charges.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 24. Housing and Urban Development § 24.201.62 Claims against debtors—interest, penalties, and administrative costs - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-24-housing-and-urban-development/cfr-sect-24-201-62/

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