Page 1702
a. Proceeding against the Loan Security (05/09/2022)
After acceleration of the maturity on a Defaulted Loan, the Lender must proceed against the loan security by repossession or foreclosure of the collateral. Any action must be in compliance with all applicable state and local laws, and the Lender must acquire proper marketable title to the Manufactured Home securing the Loan. The Lender must also take all actions necessary under federal, state, and local law to preserve its rights to obtain an enforceable deficiency against the Borrower.