§364-6 Default. In the event of default in the payment of any veterans mortgage, the director of finance shall file a notice of default with the veterans administrator in accordance with the regulations of the veterans administrator and shall take all necessary action to collect the delinquent principal and interest on the loan, including all actions allowed to holders of obligations guaranteed by the veterans administrator.

The director shall have power to deal with, rent, repair, renovate, modernize, or sell for cash, with a view to securing a maximum financial return to the State, any property acquired by it as a result of foreclosure proceedings or otherwise.

Nothing in this section shall be construed to preclude any forbearance for the benefit of the veteran as may be agreed to by the director and the veteran and, if necessary, approved by the veterans administrator. The director may adopt programs for deferred payments by veterans to avoid undue hardship or sacrifice of values of properties mortgaged. [L 1953, c 211, §6; RL 1955, §350-6; am L 1961, c 193, §2; HRS §364-6]