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Code of Federal Regulations Title 7. Agriculture § 7.771.15 Loan servicing

Current as of October 02, 2022 | Updated by FindLaw Staff

(a) Advances. FSA may make advances to protect its financial interests and charge the borrower's account for the amount of any such advances.

(b) Payments. Payments will be made to FSA as set forth in loan agreements and debt instruments. The funds from extra payments will be applied entirely to loan principal.

(c) Restructuring. The provisions of 7 CFR part 766 are not applicable to loans made under this section. However, FSA may restructure loan debts;  provided:

(1) The Government's interest will be protected;

(2) The restructuring will be performed within FSA budgetary restrictions;  and

(3) The loan objectives cannot be met unless the loan is restructured.

(d) Default. In the event of default, FSA will take all appropriate actions to protect its interest.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.771.15 Loan servicing - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-771-15/

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