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12 U.S.C. § 3706 — Notice of default and foreclosure sale; condition and term of sale
Federal law — U.S. Code and appendices · legal_authorities
**(a)** The notice of default and foreclosure sale to be served in accordance with this chapter shall be subscribed with the name and address of the foreclosure commissioner and the date on which subscribed, and shall set forth the following information:
(1) the names of the Secretary, the original mortgagee and the original mortgagor;
(2) the street address or a description of the location of the security property, and a description of the security property, or so much thereof as is to be offered for sale, sufficient to identify the property to be sold;
(3) the date of the mortgage, the office in which the mortgage is recorded, and the liber and folio or other description of the location of recordation of the mortgage;
(4) the failure to make payment, including the due date of the earliest installment payment remaining wholly unpaid as of the date the notice is subscribed, or the description of other default or defaults upon which foreclosure is based, and the acceleration of the secured indebtedness;
(5) the date, time, and place of the foreclosure sale;
(6) a statement that the foreclosure is being conducted pursuant to this chapter;
(7) the types of costs, if any, to be paid by the purchaser upon transfer of title; and
(8) the amount and method of deposit to be required at the foreclosure sale (except that no deposit shall be required of the Secretary), the time and method of payment of the balance of the foreclosure purchase price and other appropriate terms of sale.
**(b)**
(1) Except as provided in paragraph (2)(A), the Secretary may require, as a condition and term of sale, that the purchaser at a foreclosure sale under this chapter agree to continue to operate the security property in accordance with the terms of the program under which the mortgage i
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Source file: Laws/federal/codes/united-states-code/title-12/section-3706-notice-of-default-and-foreclosure-sale-condition-and-term-of-sale--d8e7768d60.md
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Source location: Title 12, Chapter 38, § 3706; chapter-038-multifamily-mortgage-foreclosure.md
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**(a)** The notice of default and foreclosure sale to be served in accordance with this chapter shall be subscribed with the name and address of the foreclosure commissioner and the date on which subscribed, and shall set forth the following information:
(1) the names of the Secretary, the original mortgagee and the original mortgagor;
(2) the street address or a description of the location of the security property, and a description of the security property, or so much thereof as is to be offered for sale, sufficient to identify the property to be sold;
(3) the date of the mortgage, the office in which the mortgage is recorded, and the liber and folio or other description of the location of recordation of the mortgage;
(4) the failure to make payment, including the due date of the earliest installment payment remaining wholly unpaid as of the date the notice is subscribed, or the description of other default or defaults upon which foreclosure is based, and the acceleration of the secured indebtedness;
(5) the date, time, and place of the foreclosure sale;
(6) a statement that the foreclosure is being conducted pursuant to this chapter;
(7) the types of costs, if any, to be paid by the purchaser upon transfer of title; and
(8) the amount and method of deposit to be required at the foreclosure sale (except that no deposit shall be required of the Secretary), the time and method of payment of the balance of the foreclosure purchase price and other appropriate terms of sale.
**(b)**
(1) Except as provided in paragraph (2)(A), the Secretary may require, as a condition and term of sale, that the purchaser at a foreclosure sale under this chapter agree to continue to operate the security property in accordance with the terms of the program under which the mortgage insurance or assistance was provided, or any applicable regulatory or other agreement in effect with respect to such property immediately prior to the time of foreclosure sale.
(2)
(A) In any case where the majority of the residential units in a property subject to such a sale are occupied by residential tenants at the time of the sale, the Secretary shall require, as a condition and term of sale, any purchaser (other than the Secretary) to operate the property in accordance with such terms, as appropriate, of the programs referred to in paragraph (1).
(B) In any case where the Secretary is the purchaser of a multifamily project, the Secretary shall manage and dispose of such project in accordance with the provisions of section 203 of the Housing and Community Development Amendments of 1978 [[12 U.S.C. 1701z–11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701z-11&num=0&edition=prelim)].
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Federal law — U.S. Code and appendices · legal_authorities
The foreclosure commissioner shall serve the notice of default and foreclosure sale provided for in [section 3706 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3706&num=0&edition=prelim) upon the following persons and in the following manner, and no additional notice shall be required to be served notwithstanding any notice requirements of any State or local law—
(1) The notice of default and foreclosure sale, together with the designation required by [section 3704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3704&num=0&edition=prelim), shall be sent by certified or registered mail, postage prepaid and return receipt requested, to the following persons:
(A) the current security property owner of record, as the record exists forty-five days prior to the date originally set for foreclosure sale, whether or not the notice describes a sale adjourned as provided in this chapter;
(B) the original mortgagor and all subsequent mortgagors of record or other persons who appear of record or in the mortgage agreement to be liable for part or all of the mortgage debt, as the record exists forty-five days prior to the date originally set for foreclosure sale, whether or not the notice describes a sale adjourned as provided in this chapter, except any such mortgagors or persons who have been released; and
(C) all persons holding liens of record upon the security property, as the record exists forty-five days prior to the date originally set for foreclosure sale, whether or not the notice describes a sale adjourned as provided in this chapter.
Notice under clauses (A) and (B) of this paragraph shall be mailed at least twenty-one days prior to the date of foreclosure sale, and shall be
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3708
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Federal law — U.S. Code and appendices · legal_authorities
The mortgagee shall be entitled to receive the benefits of the insurance under this subchapter in the manner provided in subsection (g) of [section 1713 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1713&num=0&edition=prelim) with respect to mortgages insured under that section. For such purpose the provisions of subsections (g), (h), (i), (j), (k), (l), and (n) of such section 1713 shall apply to mortgages insured under this subchapter and all references in such subsections to such section 1713 shall be deemed to refer to this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701z
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Federal law — U.S. Code and appendices · legal_authorities
Page 492
TITLE 12—BANKS AND BANKING
§ 1701z
the Foundation shall, in its annual report or in
a separate report to the President and the Con-
gress, state its findings and make such rec-
ommendations for alternate means of financing
housing for such families as it deems appro-
priate.
(g) Audit of financial transaction; access to
records; report of audit; contents of report
(1) The financial transactions of the Founda-
tion shall be audited by the Government Ac-
countability Office in accordance with the prin-
ciples and procedures applicable to commercial
corporate transactions and under such rules and
regulations as may be prescribed by the Comp-
troller General of the United States. The rep-
resentatives of the Government Accountability
Office shall have access to all books, accounts,
financial records, reports, files, and all other pa-
pers, things, or property belonging to or in use
by the Foundation and necessary to facilitate
the audit, and they shall be afforded full facili-
ties for verifying transactions with the balances
or securities held by depositories, fiscal agents,
and custodians. The audit shall cover the fiscal
year corresponding to that of the United States
Government.
(2) A report of each such audit shall be made
by the Comptroller General to the Congress not
later than six and one-half months following the
close of the last year covered by such audit. The
report shall set forth the scope of the audit and
shall include a statement of assets and liabil-
ities, capital, and surplus or deficit; a statement
of sources and application of funds; and such
comments and information as may be deemed
necessary to keep the Congress informed of the
operations and financial condition of the Foun-
dation, together with such recommendations
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1701z
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 1701z. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1557
TITLE 12—BANKS AND BANKING
§ 3706
section 3706(b) of this title may be applied at the
discretion of the Secretary.
(Pub. L. 97–35, title III, § 364, Aug. 13, 1981, 95
Stat. 423; Pub. L. 98–181, title I [title IV, § 471],
Nov. 30, 1983, 97 Stat. 1237.)
Editorial Notes
AMENDMENTS
1983—Pub. L. 98–181 inserted provision relating to ap-
plication of section 3706(b) of this title in event of fore-
closure under other foreclosure procedures.
§ 3704. Foreclosure commissioner; designation,
duties, etc.
A foreclosure commissioner or commissioners
designated pursuant to this chapter shall have a
nonjudicial power of sale as provided in this
chapter. Where the Secretary is the holder of a
multifamily mortgage, the Secretary may des-
ignate a foreclosure commissioner and, with or
without cause, may designate a substitute fore-
closure commissioner to replace a previously
designated foreclosure commissioner, by exe-
cuting a duly acknowledged, written designation
stating the name and business or residential ad-
dress of the commissioner or substitute commis-
sioner. The designation shall be effective upon
execution. Except as provided in section 3707(b)
of this title, a copy of the designation shall be
mailed with each copy of the notice of default
and foreclosure sale served by mail in accord-
ance with section 3708(1) of this title. The fore-
closure commissioner, if a natural person, shall
be a resident of the State in which the security
property is located and, if not a natural person,
the foreclosure commissioner must be duly au-
thorized to transact business under the laws of
the State in which the security property is lo-
cated. The foreclosure commissioner shall be a
person who is responsible, financially sound and
competent to conduct the
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3706
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