35-7-29 - Execution of general deed and deed of trust; notice of veteran's intent to transfer property. - Mississippi Statutes

§ 35-7-29. Execution of general deed and deed of trust; notice of veteran's intent to transfer property.
 

When a purchaser shall have paid as much as twenty percent (20%) on such home, or when the purchaser shall cause the amount due on such purchase to be underwritten by the United States Department of Veterans Affairs under the provisions of the Servicemen's Readjustment Act of 1944, the board may determine the amount of the initial payment to be made by the veteran, if any, and the board is hereby authorized and empowered to execute to the purchaser a deed to the property and to take back from such purchaser a trust deed to secure the balance due the board on such transaction, payable over a period of not exceeding thirty (30) years on such amortization plan as the board may determine. Such trust deed and evidence of debt shall run in favor of the Veterans' Home Purchase Board of the State of Mississippi. 
 

It is the intent of the Legislature that the benefits of this purchase permitting home ownership be enjoyed by the eligible veteran. Although it is recognized that many events may cause transfer of title or habitation during the term of the loan, the veteran is encouraged to retain permanent ownership of, and to reside in, the home; therefore, a veteran desiring to transfer his property should provide at least thirty (30) days' advance notice to the board. Upon notice, he or his designated agent shall be provided a current accounting on his loan, instruction on transfer procedures established by the board, and information concerning the impact of a transfer to him and the new owner. 
 

All loans secured by deed of trust, except those guaranteed by the United States Department of Veterans Affairs, shall be made under a deed of trust providing an acceleration clause (due on sale) when the title is transferred from the original veteran. The board may waive the execution of such clause by specific majority decision of the board and shall establish procedures and criteria for consideration of such waiver. 
 

Sources: Codes, 1942, § 7523.5; Laws,  1946, ch. 221, § 13; Laws, 1948, ch. 500, § 13; Laws, 1948, ch. 500, § 13; Laws, 1950, ch. 465, § 13; Laws, 1958, ch. 460, § 6; Laws, 1987, ch. 425, § 11; Laws, 1991, ch. 361 § 1, eff from and after passage (approved March 15, 1991).