Page:United States Statutes at Large Volume 101 Part 2.djvu/330

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PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 1316

,.

38 USC 1803 note.

PUBLIC LAW 100-198—DEC. 21, 1987

viously used by the veteran under this chapter and not restored as a result of the exclusion in section 1802(b) of this title."; and (2) in paragraph (4), by striking out the first sentence and inserting in lieu thereof "The amount of any loan guaranteed under this section shall not exceed an amount equal to 95 percent of the purchase price of the property securing such loan.". (c) DIRECT LOANS.—Section 1811(d)(2)(A) is amended by striking out "$27,500" each place it appears and inserting in lieu thereof "$36,000". (d) EFFECTIVE DATE.—The amendments made by this section shall apply to loans which are closed on or after February 1, 1988, except that they shall not apply to any loan for which a guaranty commitment is made on or before December 31, 1987. SEC. 4. FINANCIAL INFORMATION AND COUNSELING ASSISTANCE FOR VETERANS.

Termination date. 38 USC 1816 note.

(a) ASSISTANCE TO VETERANS.—Section 1816(a) is amended by adding at the end the following new paragraph: "(4)(A) Upon receiving a notice pursuant to paragraph (1) of this subsection, the Administrator shall^ "(i) provide the veteran with information and, to the extent > feasible, counseling regarding— "(I) alternatives to foreclosure, as appropriate in light of .: the veteran's particular circumstances, including possible methods of curing the default, conveyance of the property to the Administrator by means of a deed in lieu of foreclosure, and the actions authorized by section 1816(a)(2) of this title; and "(II) what the Veterans' Administration's and the veteran's liabilities would be with respect to the loan in the event of foreclosure; and "(ii) advise the veteran regarding the availability of such counseling; except with respect to loans made by a lender which the Administrator has determined has a demonstrated record of consistently providing timely and accurate information to veterans with respect to such matters. "(B) The Administrator shall, to the extent of the availability of appropriations, ensure that sufficient personnel are available to administer subparagraph (A) of this paragraph effectively and efficiently. "(C) The authority to Carry out this paragraph shall terminate on March 1, 1991.". 0)) EFFECTIVE DATE.—The amendment made by subsection (a) shall take effect on March 1, 1988. SEC. 5. ACTIONS WITH RESPECT TO DEFAULTED LOANS.

(a) DETERMINATION OF TOTAL INDEBTEDNESS.—Section 1816(c) is amended— (1) in paragraph (1)(D), by striking out "The" and inserting in lieu thereof Except as provided in subparagraph (D) of paragraph (10) of this subsection, the"; (2) in clause (ii) of paragraph (1)(D), by striking out "of the liquidation sale" and all that follows in such clause and inserting in lieu thereof the following: "applicable under paragraph (10) of this subsection, and";