Notwithstanding sentences (1) and you may (2), this new Secretary might not will not spend pursuant so you’re able to a legitimate be sure to the funds out-of a loan provider otherwise owner barred under it subsection in the event your money have been previously manufactured in good faith.
The new holder of your certification will get start foreclosures proceedings (shortly after providing written observe of these step into the Secretary) and you can abreast of a last purchase of the courtroom permitting property foreclosure and submitting into the Assistant away from a declare to possess fee under the make sure, the brand new Assistant shall pay on the manager of the certification the newest pro-rata part of the number secured (once the calculated pursuant so you can subsection (e)) together with practical costs and you may expenses given that authorized by the Secretary.
In the place of trying foreclosure (or even in people instance where a property foreclosure continuing started less than term (i) goes on having a period of time over 12 months), the fresh owner of one’s ensure could possibly get submit to the fresh new Assistant a great consult so you can designate the duty and you may defense interest on Secretary in exchange for percentage of claim according to the ensure. The latest Assistant can get deal with task of financing should your Assistant determines your project is within the best interests of the United states.
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