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38 U.S.C. § 2053 — Default

Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 2053 — Default

**(a)** The Secretary shall take such steps as may be necessary to obtain repayment on any loan that is in default and that is guaranteed under this subchapter. **(b)** Upon default of a loan guaranteed under this subchapter and terminated pursuant to State law, a lender may file a claim under the guarantee for an amount not to exceed the lesser of— (1) the maximum guarantee; or (2) the difference between— (A) the total outstanding obligation on the loan, including principal, interest, and expenses authorized by the loan documents, through the date of the public sale (as authorized under such documents and State law); and (B) the amount realized at such sale.

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Source location: Title 38, Chapter 20, § 2053; chapter-020-benefits-for-homeless-veterans.md

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Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 2106 — Veterans’ mortgage life insurance

**(a)** The Secretary shall insure any individual under 70 years of age who has received assistance under this chapter against the death of the individual except for an individual who— (1) elects in writing to not receive insurance under this section; (2) fails to respond in a timely manner to a request from the Secretary for information on which the premium for such insurance can be based; or (3) receives such assistance under [section 2102B of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section2102b&num=0&edition=prelim). **(b)** The amount of insurance provided an individual under this section may not exceed the lesser of $150,000, or after January 1, 2012, $200,000, or the amount of the loan outstanding on the housing unit. The amount of such insurance shall be reduced according to the amortization schedule of the loan and may not at any time exceed the amount of the outstanding loan with interest. If there is no outstanding loan on the housing unit, insurance is not payable under this section. If an eligible individual elects not to be insured under this section, the individual may thereafter be insured under this section, but only upon submission of an application, payment of required premiums, and compliance with such health requirements and other terms and conditions as may be prescribed by the Secretary. **(c)** The premiums charged an individual for insurance under this section shall be paid at such time and in such manner as the Secretary prescribes. The rates for such premiums shall be based on such mortality data as the Secretary considers appropriate to cover only the mortality cost of insuring standard lives. In the case of an individual receiving compensation or other cash benefits paid to the individual by the S

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Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 2053 — Default

Page 587 TITLE 38—VETERANS’ BENEFITS § 2061 (B) the housing needs of any such veteran or homeless individual can be met in a man- ner that is compatible with the manner in which the needs of homeless veterans are met under paragraph (1); and (C) the provisions of paragraphs (4) and (5) of subsection (b) are met. (d) In determining whether to guarantee a loan under this subchapter, the Secretary shall consider— (1) the availability of Department of Vet- erans Affairs medical services to residents of the multifamily transitional housing project; and (2) the extent to which needs of homeless veterans are met in a community, as assessed under section 107 of Public Law 102–405. (Added Pub. L. 105–368, title VI, § 601(a), Nov. 11, 1998, 112 Stat. 3343, § 3773; renumbered § 2052 and amended Pub. L. 107–95, § 5(d)(1), (2)(C), Dec. 21, 2001, 115 Stat. 918; Pub. L. 108–454, title IV, § 402(b), Dec. 10, 2004, 118 Stat. 3616.) Editorial Notes REFERENCES IN TEXT Section 107 of Public Law 102–405, referred to in sub- sec. (d)(2), is set out as a note under section 527 of this title. AMENDMENTS 2004—Subsec. (c)(1). Pub. L. 108–454 substituted ‘‘serv- ices, other commercial activities,’’ for ‘‘services’’. 2001—Pub. L. 107–95, § 5(d)(1), renumbered section 3773 of this title as this section. Subsec. (a). Pub. L. 107–95, § 5(d)(2)(C), substituted ‘‘section 2051 of this title’’ for ‘‘section 3772 of this title’’ in introductory provisions. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Oct. 1, 1998, see section 602(f) of Pub. L. 105–368, set out as an Effective Date of 1998 Amend- ment note under section 2106 of this title. § 2053. Default (a) The Secretary shall take such steps as may be necessary to obtain repayment on any loan

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