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B-183784 1 (1977-01-24)

handle is hein.gao/gaobaddxe0001 and id is 1 raw text is: o' Alan Belkin THIW COMPTROLLER CENERAL or THE UNITED STATEU WAUHIlNOTUN, D.C. 20545 Ctat FILE: B-183784 DATE: January 24, 1VT MATTER OF: Request for reconsideration of decision B-183784, January 23, 1976, involving National Housing Act mobile home loan insurance DIGEST: 1. As stated in 8-183784, January 23, 1976, claims under mobile home loan insurance pursuant to 12 U.S.C. § 1703 by lending institution presently delinquent in insurance premium payments may be allowed if default in loan occurred while premium payments were current. however, in accoxL..ce with applicable regulations, lender it required to continue to pay insurance premiums up to date claim is filed with HUD rather than date of default, and set-off of this amount against allowable claims As appropriate. B-183724, supra, clarified. 2. Althou h payment of insurance premiums in advance is requir' in order to maintain ongoing effective in- surance Loverage for mobile home lean insurance under 12 U.S.C. § 1703, paywment of insurance premiums con- stitutes continuing obligation of lender that cannot be terminated prior to end of term of underlying loan. HUD has authority to set-off delinquent unpaid in- qurance ptemiums constituting existing dcbt presently due and pAyatle to United States by lender against claims otherwise payable to lender, pending bankruptcy adjudication as to propriety of final setoff but may not withhold estimated future premiums. B-183784, January 23, 1976, is modified accrrdingly. This decision is in response to two separate requests from officials of the Department oi Housing and Urban Development (HUD) for our further views with reapect to our decision B-183784, ddted January 23, 1976, ron- cerning the payment of insurance premiums, and the legal ramifications of delinquencies in insurance premium payments, with respect to mobile home loans issued under section 2, title 1, of the National Housing Act, as amended, 12 U.S.C. § 1703 (1970). Since the re *:sts are closely related, essentially constituting requests for ref deration and/or clarification of our decision of January 23, 1976, we will combihe our responsas into one decision. However, for reasons of clarity, each request will be dealt with separately herein. I - _ _

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