For those mortgages to which the provisions of § 203.368 apply, the contract of insurance shall be terminated under the following circumstances:
The mortgagee notifies the Commissioner that it will not convey title to the Commissioner and will not file a claim for the insurance benefits when:
The mortgagee either acquires the property by any means, or
Acquires the property and gives such notice during the redemption period; or
The mortgagee notifies the Commissioner that it will not file a claim for the insurance benefits when:
The property is bid in and acquired at foreclosure by a party other than the mortgagee, or
After foreclosure of the mortgaged property by the mortgagee the property is redeemed.
For those mortgages to which the provisions as set forth in § 203.368 do not apply, the contract of insurance shall be terminated under the following circumstances:
The mortgagee acquires the mortgaged property but does not convey it to the Commissioner;
The property is bid in and acquired at a foreclosure sale by a party other than the mortgagee;
After foreclosure the property is redeemed;
After foreclosure and during the redemption period the mortgagee gives notice that it will not tender the property to the Commissioner.
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