(two) If, dependant on an assessment of the Application for Loan Cancellation and FEMA audit, the Director of the general public Guidance Division establishes that every one or Element of the Distinctive Neighborhood Catastrophe Loan money need to be canceled, the amount of principal canceled as well as similar curiosity will be forgiven. The Director of the Public Aid Division's willpower about loan cancellation will specify that any uncancelled principal and connected fascination should be repaid in accordance While using the stipulations with the Promissory Take note, Which, if repayment will represent a fiscal hardship, the nearby government need to submit for FEMA critique and acceptance, a repayment program for settling the indebtedness on a timely foundation.
1967) (while in that case It's not clear whether or not the payments demanded ended up ample to compensate the secured creditors for their reduction). The use of periodic payments may very well be correct, wherever by way of example, the residence in question is depreciating at a comparatively set rate. The periodic payments could well be to compensate for that depreciation.
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Any Specific Community Catastrophe Loans which includes cancellations of loans produced underneath this subpart shall not reduce or usually affect any commitments, grants, or other support offered underneath the authority in the Stafford Act or this part.
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