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Code of Federal Regulations Title 7. Agriculture § 7.3550.156 Borrower obligations

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

(a) After receiving a loan from RHS, borrowers are expected to meet a variety of obligations outlined in the loan documents. In addition to making timely payments, these obligations include:

(1) Maintaining the security property;  and

(2) Maintaining an adequately funded escrow account, or paying real estate taxes, hazard and flood insurance, and other related costs when due.

(b) If a borrower fails to fulfill these obligations, RHS may obtain the needed service and charge the cost to the borrowers account.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.3550.156 Borrower obligations - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-3550-156/

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