Page 352
18.13 PROPERTY PROTECTION [7 CFR 3555.307(B)]
When a servicer becomes aware that they have properties secured by an Agency guarantee in a PDD they immediately take the following actions:
Page 353
x Ascertain the number of affected properties.
x Secure abandoned properties.
x Determine the extent and nature of the damage and the effect on the borrower’s
ability to continue making mortgage payments.
x Determine if the property is adequately insured against the damage.
x Aid the borrower regarding the availability of appropriate relief provisions from
local, state, or federal disaster assistance.
x Consider waiving any late payment charges if the borrower’s payments are late
because of added expenses or loss of income due to the disaster.
x Monitor and coordinate hazard insurance claims.
x Monitor and coordinate the progression of repairs when a deposit of insurance
proceeds occurs in lieu of borrowers receiving insurance proceeds for properties.