1. LawStack
  2. Title 12 - BANKS AND BANKING
  3. Chapter 13 - NATIONAL HOUSING
  4. 12 USC § 1701l-1
12 USC § 1701l-1
Mortgage proceeds fraudulently misappropriated by mortgagor; recovery of deficiency after foreclosure
through Public Law 119-88
USC

The Secretary of Housing and Urban Development shall take action to secure the payment of any deficiency after foreclosure on a mortgage insured or assisted under Federal law where the Secretary has reason to believe that the mortgage proceeds have been fraudulently misappropriated by the mortgagor.

Editorial Notes

Codification

Section was enacted as part of the Housing and Community Development Act of 1974, and not as part of the National Housing Act which comprises this chapter.
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§ 1701l Limitation on interest rates of insured mortgages; terms of sales
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§ 1701m Credit and cancellation of notes transferred from Reconstruction Finance Corporation; net loss computation

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