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DEPARTMENT OF VETERANS AFFAIRS

Veterans Affairs Department

OMB ID: [OMB Control No. 2900-0021]

NOTICE: NOTICES

DOCUMENT ACTION: Notice.

SUBJECT CATEGORY: Proposed Information Collection Activity: Proposed Collection; Comment Request

DATES: Written comments and recommendations on the proposed collection of information should be received on or before February 13, 2004.

DOCUMENT SUMMARY: The Veterans Benefits Administration (VBA), Department of Veterans Affairs (VA), is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act (PRA) of 1995, Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of a currently approved collection, and allow 60 days for public comment in response to the notice. This notice solicits comments for information needed to justify the extension of forbearance to the veteranborrower as opposed to foreclosure.

SUMMARY: Agency information collection activities; proposals, submissions, and approvals,

SUPPLEMENTAL INFORMATION

Under the PRA of 1995 (Pub. L. 104-13; 44 U.S.C. 35013521), Federal agencies must obtain approval from the Office of Management and Budget (OMB) for each collection of information they conduct or sponsor. This request for comment is being made pursuant to Section 3506(c)(2)(A) of the PRA.

With respect to the following collection of information, VBA invites comments on: (1) Whether the proposed collection of information is necessary for the proper performance of VBA's functions, including whether the information will have practical utility; (2) the accuracy of VBA's estimate of the burden of the proposed collection of information; (3) ways to enhance the quality, utility, and clarity of the information to be collected; and (4) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or the use of other forms of information technology.

Titles:

a. Notice of Default, VA Form 266850.

b. Notice of Default and Intention to Foreclose, VA Form 266850a.

c. Notice of Intention to Foreclose, VA Form 266851.

OMB Control Number: 29000021.

Type of Review: Extension of a currently approved collection.

Abstract: Holders of guaranteed loans are required to notify VA within 45 days of a loan default due to nonpayment of any installment for a period of 60 days from the date of the first uncured default. Holders are also required to notify VA of their intention to foreclose. After delivery of such notice to VA and 30 days has passed, the holder can begin court proceedings, give notice of sale under power of sale, or otherwise take steps to terminate the debtor's rights in the security.

VA Forms 266850 and 266851 require that servicing efforts are fully explained so that VA can determine whether supplemental servicing could develop further information to justify the extension of forbearance to the veteransborrower as opposed to foreclosure. The information provided is used to coordinate the actions of VA and the holder to ensure that all legal requirements regarding foreclosure and claim payment are met. VA Form 266850a is filed by holders when defaults are determined insoluble by holders at the time the notice of default is filed with VA. This form provides both notice of default and intent to foreclosure together on one form.

Affected Public: Individuals or households, and Business or other for profit.

Estimated Annual Burden: 66,166
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a. VA Form 26685020,166 hours.

b. VA Form 266850a26,000 hours.

c. VA Form 26685120,000 hours.

Estimated Average Burden Per Respondent:

a. VA Form 26685010 minutes.

b. VA Form 266850a20 minutes.

c. VA Form 26685115 minutes.

Frequency of Response: On occasion.

Estimated Number of Respondents: 279,000 hours.

a. VA Form 266850121,000 hours.

b. VA Form 266850a78,000 hours.

c. VA Form 26685180,000 hours.

Dated: December 3, 2003.

By direction of the Acting Secretary.
Jacqueline Parks,
IT Specialist, Records Management Service.
[FR Doc. 0330875 Filed 121203; 8:45 am]
BILLING CODE 832001P

FOR FURTHER INFORMATION CONTACT Nancy J. Kessinger at (202) 273-7079 or FAX (202) 2755947.