866

In case the mortgagee forecloses a mortgage insured by the Agency in which the highest offer for the property is less than the insured debt, including its interest and other insured items, as determined in the Regulations to obtain the insurance benefits, the mortgagee shall automatically maintain an offer equal to the amount of the insured debt in order for the title deed to the property to be adjudicated to the mortgagee. Once the mortgagee acquires the title deed, he/she shall transfer said deed in favor of the Agency, as a prior condition for receiving the payment in the manner provided by this chapter. History —July 26, 1995, No. 86, § 6.