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12 U.S.C. § 3709 — Presale reinstatement
Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3709
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Source file: Laws/federal/codes/united-states-code/title-12/section-3709-presale-reinstatement--b4da511d50.md
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Source location: Title 12, Chapter 38, § 3709; chapter-038-multifamily-mortgage-foreclosure.md
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**(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 pursuant to this chapter or otherwise, to be canceled by curing a default.
**(b) Views of Secretary** Prior to withdrawing the security property from foreclosure in the circumstances described in subsection (a)(2) or (a)(3), the foreclosure commissioner shall afford the Secretary a reasonable opportunity to demonstrate why the security property should not be so withdrawn.
**(c) Mortgage subsequent to reinstatement** In any case in which a foreclosure commenced under this chapter is canceled, the mortgage shall continue in effect as though acceleration had not occurred.
**(d) Subsequent foreclosures** If the foreclosure commissioner cancels a foreclosure sale under this chapter a new foreclosure may be subsequently commenced as provided in this chapter.
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Federal law — U.S. Code and appendices · legal_authorities
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3711
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Federal law — U.S. Code and appendices · legal_authorities
**(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 shal
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3710
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Federal law — U.S. Code and appendices · legal_authorities
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. § 3709
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