Regulation 12

In section 550(1) after “he” (in both places where that word appears) insert “or, if the owner is not the mortgagee, the mortgagee”, and after “his” (in paragraph (b)) insert “or the mortgagee's”.

At the end of the section add—

“(7)

Any amount paid by the local housing authority under this section to a mortgagee shall be treated as money received by the mortgagee arising from the sale.”.