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Code of Federal Regulations Title 7. Agriculture § 7.3550.205 Delinquency workout agreements

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

Borrowers with past due accounts may be offered the opportunity to avoid liquidation by entering into a delinquency workout agreement that specifies a plan for bringing the account current. To receive a delinquency workout agreement, the following requirements apply:

(a) A borrower who is able to do so will be required to pay the past-due amount in a single payment.

(b) A borrower who is unable to pay the past-due amount in a single payment must pay monthly all scheduled payments plus an agreed upon additional amount that brings the account current within 2 years or the remaining term of the loan, whichever is shorter.

(c) If a borrower becomes more than 30 days past due under the terms of a delinquency workout agreement, RHS may cancel the agreement.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.3550.205 Delinquency workout agreements - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-3550-205/

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