(a) The chairman is authorized to enter into any modification of the debtor's obligation if it is in the best interest of the program.
(b) The terms of each note and deed for trust or any other lien document shall determine acceleration and foreclosure requirements and procedures, unless modified under section (a) of this section.
(c) The chairman must approve the initiation of all foreclosure proceedings. All foreclosures shall be conducted in strict compliance with applicable federal and state laws and the note and the deed of trust or other lien document, or any modification thereof.

Source Note: The provisions of this §175.61 adopted to be effective April 20, 2003, 28 TexReg 3068