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12 U.S.C. § 3711 — Foreclosure costs

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3711 — Foreclosure costs

The following foreclosure costs shall be paid from the sale proceeds prior to satisfaction of any other claim to such sale proceeds: (1) necessary advertising costs and postage incurred in giving notice pursuant to sections 3708 and 3710 of this title; (2) mileage for posting notices and for the foreclosure commissioner’s attendance at the sale at the rate provided in [section 1921 of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section1921&num=0&edition=prelim) for mileage by the most reasonable road distance; (3) reasonable and necessary costs actually incurred in connection with any necessary search of title and lien records; (4) necessary out-of-pocket costs incurred by the foreclosure commissioner to record documents; and (5) a commission for the foreclosure commissioner for the conduct of the foreclosure to the extent authorized by regulations issued by the Secretary.

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Source file: Laws/federal/codes/united-states-code/title-12/section-3711-foreclosure-costs--1d6121b4a7.md
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Source location: Title 12, Chapter 38, § 3711; chapter-038-multifamily-mortgage-foreclosure.md

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Federal law — U.S. Code and appendices · legal_authorities

28 U.S.C. § 1921 — United States marshal’s fees

**(a)** (1) The United States marshals or deputy marshals shall routinely collect, and a court may tax as costs, fees for the following: (A) Serving a writ of possession, partition, execution, attachment in rem, or libel in admiralty, warrant, attachment, summons, complaints, or any other writ, order or process in any case or proceeding. (B) Serving a subpoena or summons for a witness or appraiser. (C) Forwarding any writ, order, or process to another judicial district for service. (D) The preparation of any notice of sale, proclamation in admiralty, or other public notice or bill of sale. (E) The keeping of attached property (including boats, vessels, or other property attached or libeled), actual expenses incurred, such as storage, moving, boat hire, or other special transportation, watchmen’s or keepers’ fees, insurance, and an hourly rate, including overtime, for each deputy marshal required for special services, such as guarding, inventorying, and moving. (F) Copies of writs or other papers furnished at the request of any party. (G) Necessary travel in serving or endeavoring to serve any process, writ, or order, except in the District of Columbia, with mileage to be computed from the place where service is returnable to the place of service or endeavor. (H) Overtime expenses incurred by deputy marshals in the course of serving or executing civil process. (2) The marshals shall collect, in advance, a deposit to cover the initial expenses for special services required under paragraph (1)(E), and periodically thereafter such amounts as may be necessary to pay such expenses until the litigation is concluded. This paragraph applies to all private litigants, including seamen proceeding pursuant to [section 1916 of this title](https://uscode.hous

Source: Supplied U.S. Code snapshot — release unconfirmed · 28 U.S.C. § 1921

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3709 — Presale reinstatement

**(a) Grounds** Except as provided in sections 3707(b) and 3710(c) of this title, the foreclosure commissioner shall withdraw the security property from foreclosure and cancel the foreclosure sale only if— (1) the Secretary so directs the commissioner prior to or at the time of sale; (2) the commissioner finds, upon application of the mortgagor at least three days prior to the date of sale, that the default or defaults upon which the foreclosure is based did not exist at the time of service of the notice of default and foreclosure sale; or (3) (A) in the case of a foreclosure involving a monetary default, there is tendered to the foreclosure commissioner before public auction is completed the entire amount of principal and interest which would be due if payments under the mortgage had not been accelerated; (B) in the case of a foreclosure involving a nonmonetary default, the foreclosure commissioner, upon application of the mortgagor before the date of foreclosure sale, finds that such default is cured; and (C) there is tendered to the foreclosure commissioner before public auction is completed all amounts due under the mortgage agreement (excluding additional amounts which would have been due if mortgage payments had been accelerated), all amounts of expenditures secured by the mortgage and all costs of foreclosure incurred for which payment from the proceeds of foreclosure is provided in [section 3711 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3711&num=0&edition=prelim), except that the Secretary shall have discretion to refuse to cancel a foreclosure pursuant to this paragraph (3) if the current mortgagor or owner of record has on one or more previous occasions caused a foreclosure of the mortgage, commenced pursu

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3712 — Disposition of sale proceeds

Money realized from a foreclosure sale shall be made available for obligation and expenditure— (1) first to cover the costs of foreclosure provided for in [section 3711 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3711&num=0&edition=prelim); (2) then to pay valid tax liens or assessments prior to the mortgage; (3) then to pay any liens recorded prior to the recording of the mortgage which are required to be paid in conformity with the terms of sale in the notice of default and foreclosure sale; (4) then to service charges and advancements for taxes, assessments, and property insurance premiums; (5) then to the interest; (6) then to the principal balance secured by the mortgage (including expenditures for the necessary protection, preservation, and repair of the security property as authorized under the mortgage agreement and interest thereon if provided for in the mortgage agreement); and (7) then to late charges. Any surplus after payment of the foregoing shall be paid to holders of liens recorded after the mortgage and then to the appropriate mortgagor. If the person to whom such surplus is to be paid cannot be located, or if the surplus available is insufficient to pay all claimants and the claimants cannot agree on the allocation of the surplus, or if any person claiming an interest in the mortgage proceeds does not agree that some or all of the sale proceeds should be paid to a claimant as provided in this section, that part of the sale proceeds in question may be deposited by the foreclosure commissioner with an appropriate official or court authorized under law to receive disputed funds in such circumstances. If such a procedure for the deposit of disputed funds is not available, and the foreclosure commissione

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3712

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3714 — Record of foreclosure and sale

**(a)** To establish a sufficient record of foreclosure and sale, the foreclosure commissioner shall include in the recitals of the deed to the purchaser or prepare an affidavit or addendum to the deed stating— (1) that the mortgage was held by the Secretary; (2) the particulars of the foreclosure commissioner’s service of notice of default and foreclosure sale in accordance with sections 3708 and 3710 of this title; (3) that the foreclosure was conducted in accordance with the provisions of this chapter and with the terms of the notice of default and foreclosure sale; (4) a correct statement of the costs of foreclosure, calculated in accordance with [section 3711 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3711&num=0&edition=prelim); and (5) the name of the successful bidder and the amount of the successful bid. **(b)** The deed executed by the foreclosure commissioner, the foreclosure commissioner’s affidavit and any other instruments submitted for recordation in relation to the foreclosure of the security property under this chapter shall be accepted for recordation by the registrar of deeds or other appropriate official of the county or counties in which the security property is located upon tendering of payment of the usual recording fees for such instruments.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3711 — Foreclosure costs

Page 1560 TITLE 12—BANKS AND BANKING § 3711 between the hours of 9 o’clock ante meridian and 4 o’clock post meridian local time on a day other than Sunday or a public holiday as defined by section 6103(a) of title 5 or State law. The foreclosure sale shall be held at a location speci- fied in the notice of default and foreclosure sale, which shall be a location where foreclosure real estate auctions are customarily held in the county or one of the counties in which the prop- erty to be sold is located, or at a courthouse therein, or at or on the property to be sold. Sale of security property situated in two or more counties may be held in any one of the counties in which any part of the security property is sit- uated. (b) Conduct of sale The foreclosure commissioner shall conduct the foreclosure sale in accordance with the pro- visions of this chapter and in a manner fair to both the mortgagor and the Secretary. The fore- closure commissioner shall attend the fore- closure sale in person, or, if there are two or more commissioners, at least one shall attend the foreclosure sale. In the event that no fore- closure commissioner is a natural person, the foreclosure commissioner shall cause its duly authorized employee to attend the foreclosure sale to act on its behalf. Written one-price sealed bids shall be accepted by the foreclosure commissioner from the Secretary and other per- sons for entry by announcement by the commis- sioner at the sale. The Secretary and any other person may bid at the foreclosure sale, including the Secretary or any other person who has sub- mitted a written one-price bid, except that the foreclosure commissioner or any relative, re- lated business entity or employee of such com- missioner or entity shall not be permitt

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3711

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