PRESENT: All the JusticesRICHARD MATHEWS, ET AL.OPINION BYv. Record No. 110967 JUSTICE WILLIAM C. MIMSApril 20, 2012PHH MORTGAGE CORPORATIONFROM THE CIRCUIT COURT OF NELSON COUNTYJ. Michael Gamble, JudgeIn this appeal, we consider whether a landowner who hasbreached a deed of trust by failing to make payments asrequired under the associated note may nevertheless enforce itsconditions precedent. We also consider the prerequisites toforeclosure set forth in 24 C.F.R. § 203.604 and whether theyare incorporated as conditions precedent in a deed of trust.I.
BACKGROUND AND MATERIAL PROCEEDINGS BELOWRichard M. and Karin L. Mathews owned a parcel of land inNelson County (“the Parcel”), which they conveyed by deed oftrust (“the Deed of Trust”) on June 28, 2002, to Wendall L.Winn, Jr., trustee, for the benefit of University of VirginiaCommunity Credit Union to secure a note in the principal amountof $118,505.00, plus interest (“the Note”). The indebtednesssecured by the Deed of Trust was insured by the Federal HousingAuthority under regulations promulgated by the Secretary ofHousing and Urban Development (“HUD”) under the NationalHousing Act, 12 U.S.C. §§ 1701-1750jj, and codified in Part 203of Title 24 of the Code of Federal Regulations. PHH Mortgage