source:
  type: regulation
  id: usda-7cfr-3555.354
  authority: 7 CFR §3555.354 — Loss claim procedures (USDA Guaranteed Rural Housing)
  description: '7 CFR §3555.354 sets the USDA Section 502 Guaranteed Rural Housing

    Program loss-claim filing framework: mandatory use of the Agency-

    designated web-based automated system; 45-day claim-filing deadline

    for sold property; 60-day claim-filing deadline for REO property

    (with eviction extension); deficiency-judgment enforcement before

    submitting a loss claim; and Agency processing where there are no

    current collection prospects.

    '
obligations:
- id: usda-7cfr-3555.354-full
  canonical_id: usda-7cfr-3555.354-full
  section: 7 CFR §3555.354
  description: All lenders must use a web-based automated system designated by the Agency to submit all
    loss claim requests.
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 7 CFR §3555.354
    source_class: usda-regulation
    source_url: https://www.law.cornell.edu/cfr/text/7/3555.354
    snapshot_id: 97d140aff1718a93
    fetched_at: '2026-05-24T19:34:39Z'
    content_hash: sha256:c1d05beaf4af76469ec0e734004d2749ab57d73b8b5fe7b9c3a5b6bcc428c0a8
    paragraph_quote: All lenders must use a web-based automated system designated by the Agency to submit
      all loss claim requests.
    drafter_attestation: Verbatim subsection of 7 CFR §3555.354 from Cornell LII snapshot 97d140aff1718a93;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: usda-7cfr-3555.354-a
  canonical_id: usda-7cfr-3555.354-a
  section: 7 CFR §3555.354(a)
  description: '(a): (a) Sold property. For property that has been sold, the lender must submit a loss
    claim within 45 calendar days of the sale. Late claims made beyond this period of time may be rejected
    or reduced by Rural Development . Instructions and forms may be obtained from Rural Development .'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 7 CFR §3555.354
    source_class: usda-regulation
    source_url: https://www.law.cornell.edu/cfr/text/7/3555.354
    snapshot_id: 97d140aff1718a93
    fetched_at: '2026-05-24T19:34:39Z'
    content_hash: sha256:c1d05beaf4af76469ec0e734004d2749ab57d73b8b5fe7b9c3a5b6bcc428c0a8
    paragraph_quote: (a) Sold property. For property that has been sold, the lender must submit a loss
      claim within 45 calendar days of the sale. Late claims made beyond this period of time may be rejected
      or reduced by Rural Development . Instructions and forms may be obtained from Rural Development
      .
    drafter_attestation: Verbatim subsection of 7 CFR §3555.354 from Cornell LII snapshot 97d140aff1718a93;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: usda-7cfr-3555.354-b
  canonical_id: usda-7cfr-3555.354-b
  section: 7 CFR §3555.354(b)
  description: '(b): (b) REO. If at liquidation, the title to the property is conveyed to the lender ,
    the lender will submit a loss claim package, including a market value appraisal, within 60 days of
    the foreclosure sale date or the date the lender acquires title. If eviction action is required in
    order to obtain a ma…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 7 CFR §3555.354
    source_class: usda-regulation
    source_url: https://www.law.cornell.edu/cfr/text/7/3555.354
    snapshot_id: 97d140aff1718a93
    fetched_at: '2026-05-24T19:34:39Z'
    content_hash: sha256:c1d05beaf4af76469ec0e734004d2749ab57d73b8b5fe7b9c3a5b6bcc428c0a8
    paragraph_quote: (b) REO. If at liquidation, the title to the property is conveyed to the lender ,
      the lender will submit a loss claim package, including a market value appraisal, within 60 days
      of the foreclosure sale date or the date the lender acquires title. If eviction action is required
      in order to obtain a market value appraisal, the lender must submit the loss claim package within
      60 days of the date the occupants clear the premises. The lender must order a market value appraisal
      and include the market value appraisal with the loss claim package. The Agency will use the market
      value appraisal, along with other Agency required documentation, to determine the property value
      for the basis of the loss claim. The Agency will apply an acquisition and management resale factor
      to estimate holding and disposition costs, based on the most current VA Management and Acquisition
      Factor found at https://www.benefits.va.gov/HOMELOANS/servicers_valeri.asp.
    drafter_attestation: Verbatim subsection of 7 CFR §3555.354 from Cornell LII snapshot 97d140aff1718a93;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: usda-7cfr-3555.354-c
  canonical_id: usda-7cfr-3555.354-c
  section: 7 CFR §3555.354(c)
  description: '(c): (c) Deficiency judgments. The lender must enforce any judgment for which there are
    current prospects of collection before submitting a loss claim, and amounts collected must be applied
    against the outstanding debt. Rural Development will process the loss claim if there are no current
    prospects for c…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 7 CFR §3555.354
    source_class: usda-regulation
    source_url: https://www.law.cornell.edu/cfr/text/7/3555.354
    snapshot_id: 97d140aff1718a93
    fetched_at: '2026-05-24T19:34:39Z'
    content_hash: sha256:c1d05beaf4af76469ec0e734004d2749ab57d73b8b5fe7b9c3a5b6bcc428c0a8
    paragraph_quote: (c) Deficiency judgments. The lender must enforce any judgment for which there are
      current prospects of collection before submitting a loss claim, and amounts collected must be applied
      against the outstanding debt. Rural Development will process the loss claim if there are no current
      prospects for collection. [ 78 FR 73941 , Dec. 9, 2013, as amended at 81 FR 31165 , May 18, 2016;
      84 FR 70887 , Dec. 26, 2019] CFR Toolbox Law about... Articles from Wex Table of Popular Names Parallel
      Table of Authorities Accessibility About LII Contact us Advertise here Help Terms of use Privacy
    drafter_attestation: Verbatim subsection of 7 CFR §3555.354 from Cornell LII snapshot 97d140aff1718a93;
      body isolated between nav and notes; substring-verified.
  judgment: false
