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12 U.S.C. § 3710 — Foreclosure sale

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

12 U.S.C. § 3710 — Foreclosure sale

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Source location: Title 12, Chapter 38, § 3710; chapter-038-multifamily-mortgage-foreclosure.md

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**(a) Time of sale; public auction; location** The date of foreclosure sale set forth in the notice of default and foreclosure sale shall not be prior to thirty days after the due date of the earliest installment wholly unpaid or the earliest occurrence of any uncured nonmonetary default upon which foreclosure is based. Foreclosure sale pursuant to this chapter shall be at public auction, and shall be scheduled to begin 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section6103/a&num=0&edition=prelim) or State law. The foreclosure sale shall be held at a location specified 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 property 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 situated. **(b) Conduct of sale** The foreclosure commissioner shall conduct the foreclosure sale in accordance with the provisions of this chapter and in a manner fair to both the mortgagor and the Secretary. The foreclosure commissioner shall attend the foreclosure sale in person, or, if there are two or more commissioners, at least one shall attend the foreclosure sale. In the event that no foreclosure 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 persons for entry by announcement by the commissioner at the sale. The Secretary and any other person may bid at the foreclosure sale, including the Secretary or any other person who has submitted a written one-price bid, except that the foreclosure commissioner or any relative, related business entity or employee of such commissioner or entity shall not be permitted to bid in any manner on the security property subject to foreclosure sale. The foreclosure commissioner may serve as auctioneer, or, in accordance with regulations of the Secretary, may employ an auctioneer to be paid from the commission provided for in [section 3711(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3711/5&num=0&edition=prelim). **(c) Adjournment or cancellation** The foreclosure commissioner shall have discretion, prior to or at the time of sale, to adjourn or cancel the foreclosure sale if the commissioner determines, in the commissioner’s sole discretion, that circumstances are not conducive to a sale which is fair to the mortgagor and the Secretary or that additional time is necessary to determine whether the security property should be withdrawn from foreclosure as provided in [section 3709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3709&num=0&edition=prelim). The foreclosure commissioner may adjourn a sale to a later hour the same day without the giving of further notice, or may adjourn the foreclosure sale for not less than nine nor more than twenty-four days, in which case the commissioner shall serve a notice of default and foreclosure sale revised to recite that the foreclosure sale has been adjourned to a specified date and to include any corrections the foreclosure commissioner deems appropriate. Such notice shall be served by publication, mailing and posting in accordance with [section 3708 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3708&num=0&edition=prelim), except that publication may be made on any of three separate days prior to the revised date of foreclosure sale, and mailing may be made at any time at least seven days prior to the date to which the foreclosure sale has been adjourned.

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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. § 3708 — Service of notice of default and foreclosure sale

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

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

12 U.S.C. § 3710 — Foreclosure sale

Page 1559 TITLE 12—BANKS AND BANKING § 3710 address stated in the mortgage agreement, or, if none, to the address of the security prop- erty, or, at the discretion of the foreclosure commissioner, to any other address believed to be that of such owner or mortgagor. Notice under clause (C) of this paragraph shall be mailed at least ten days prior to the date of foreclosure sale, and shall be mailed to each such lienholder’s address as stated of record or, at the discretion of the foreclosure com- missioner, to any other address believed to be that of such lienholder. Notice by mail pursu- ant to this subsection or section 3707(b) of this title shall be deemed duly given upon mailing, whether or not received by the addressee and whether or not a return receipt is received or the letter is returned. (2) A copy of the notice of default and fore- closure sale shall be published, as provided herein, once a week during three successive calendar weeks, and the date of last publica- tion shall be not less than four nor more than twelve days prior to the sale date. The infor- mation included in the notice of default and foreclosure sale pursuant to section 3706(a)(4) of this title may be omitted, in the foreclosure commissioner’s discretion, from the published notice. Such publication shall be in a news- paper or newspapers having general circula- tion in the county or counties in which the se- curity property being sold is located. To the extent practicable, the newspaper or news- papers chosen shall be a newspaper or news- papers, if any is available, having circulation conducive to achieving notice of foreclosure by publication. Should there be no newspaper published at least weekly which has a general circulation in one of the counties in which the

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3710

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