An Analysis of the Operation of Title I of the Federal Housing Administration Act Page: 67
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67
Crediting Advance Payments
If more than three installments are paid in advance at
one tim by a customer, the entire sum paid in advance must
be credited to the final portion of the note, unless the
state law does not permit this or the lending institution
is instructed in writing by the customer to apply the funds
otherwise. fewer than three installments are paid in
advance, the entire sum may be credited to the next watr-
ing installment. A violation renders the count ineligi-
ble for filing a claim.
Service Complaints
When a lending institution receives a service co-
plaint from a customer, it should . ediately write the
custom r and advise him that matters of that kind should be
taken up directly with the seller from whom the equipment
was purchased. Also the customer should be advised that
the lending institution is an innocent third-party holder
in due course of the negotiable promissor note which e
siat d, and which the lendinginstitution acquired in good
faith for full value, and that he is therefore legally ob-
ligated to make payments to the lendig institution on the
due dates as called for in such note. The customer should
be advised that any question pertaining to the equipment
does not give him the legal right to withhold payment of
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Granstaff, Shelie Monroe. An Analysis of the Operation of Title I of the Federal Housing Administration Act, thesis, 1947; Denton, Texas. (https://digital.library.unt.edu/ark:/67531/metadc53505/m1/73/: accessed March 28, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .