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12 U.S.C. § 3704 — Foreclosure commissioner; designation, duties, etc.
Federal law — U.S. Code and appendices · legal_authorities
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 designate a foreclosure commissioner and, with or without cause, may designate a substitute foreclosure commissioner to replace a previously designated foreclosure commissioner, by executing a duly acknowledged, written designation stating the name and business or residential address of the commissioner or substitute commissioner. The designation shall be effective upon execution. Except as provided in [section 3707(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3707/b&num=0&edition=prelim), a copy of the designation shall be mailed with each copy of the notice of default and foreclosure sale served by mail in accordance with [section 3708(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3708/1&num=0&edition=prelim). The foreclosure 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 authorized to transact business under the laws of the State in which the security property is located. The foreclosure commissioner shall be a person who is responsible, financially sound and competent to conduct the foreclosure. More than one foreclosure commissioner may be designated. If a natural person is designated as foreclosure commissioner or substitute foreclosure commissioner, such person shall be designated by name, except that where such person is designated in his or her capacity as an official or employee of the government of the State
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Source file: Laws/federal/codes/united-states-code/title-12/section-3704-foreclosure-commissioner-designation-duties-etc--1a87b21386.md
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Source location: Title 12, Chapter 38, § 3704; chapter-038-multifamily-mortgage-foreclosure.md
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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 designate a foreclosure commissioner and, with or without cause, may designate a substitute foreclosure commissioner to replace a previously designated foreclosure commissioner, by executing a duly acknowledged, written designation stating the name and business or residential address of the commissioner or substitute commissioner. The designation shall be effective upon execution. Except as provided in [section 3707(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3707/b&num=0&edition=prelim), a copy of the designation shall be mailed with each copy of the notice of default and foreclosure sale served by mail in accordance with [section 3708(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3708/1&num=0&edition=prelim). The foreclosure 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 authorized to transact business under the laws of the State in which the security property is located. The foreclosure commissioner shall be a person who is responsible, financially sound and competent to conduct the foreclosure. More than one foreclosure commissioner may be designated. If a natural person is designated as foreclosure commissioner or substitute foreclosure commissioner, such person shall be designated by name, except that where such person is designated in his or her capacity as an official or employee of the government of the State or subdivision thereof in which the security property is located, such person may be designated by his or her unique title or position instead of by name. The Secretary shall be a guarantor of payment of any judgment against the foreclosure commissioner for damages based upon the commissioner’s failure properly to perform the commissioner’s duties. As between the Secretary and the mortgagor, the Secretary shall bear the risk of any financial default by the foreclosure commissioner. In the event that the Secretary makes any payment pursuant to the preceding two sentences, the Secretary shall be fully subrogated to the rights satisfied by such payment.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** If the Secretary as holder of a multifamily mortgage determines that the prerequisites to foreclosure set forth in [section 3705 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3705&num=0&edition=prelim) are satisfied, the Secretary may request the foreclosure commissioner to commence foreclosure of the mortgage. Upon such request, the foreclosure commissioner shall commence foreclosure of the mortgage, by commencing service of a notice of default and foreclosure sale in accordance with [section 3708 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3708&num=0&edition=prelim).
**(b)** Subsequent to commencement of a foreclosure under this chapter, the Secretary may designate a substitute foreclosure commissioner at any time up to forty-eight hours prior to the time of foreclosure sale, and the foreclosure shall continue without prejudice, unless the substitute commissioner, in his or her sole discretion, finds that continuation of the foreclosure sale will unfairly affect the interests of the mortgagor. In the event that the substitute commissioner makes such a finding, the substitute commissioner shall cancel the foreclosure sale, or adjourn such sale in the manner provided in [section 3710(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3710/c&num=0&edition=prelim). Upon designation of a substitute foreclosure commissioner, a copy of the written notice of such designation referred to in [section 3704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3704&num=0&edition=prelim) shall be served upon the persons set forth in [section 3708(1) of this title](https://uscode.house.gov/view.xhtml?req
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3707
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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
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. § 3704
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