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12 U.S.C. § 3707 — Commencement of foreclosure; powers and duties of foreclosure commissioner or substitute

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

12 U.S.C. § 3707 — Commencement of foreclosure; powers and duties of foreclosure commissioner or substitute

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Source file: Laws/federal/codes/united-states-code/title-12/section-3707-commencement-of-foreclosure-powers-and-duties-of-foreclosure-commissione--5318b87815.md
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Source location: Title 12, Chapter 38, § 3707; chapter-038-multifamily-mortgage-foreclosure.md

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**(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=granuleid:USC-prelim-title12-section3708/1&num=0&edition=prelim) (1) by mail as provided in such [section 3708 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3708&num=0&edition=prelim) (except that the minimum time periods between mailing and the date of foreclosure sale prescribed in such section shall not apply to notice by mail pursuant to this subsection), or (2) in any other manner, which in the substitute commissioner’s sole discretion, is conducive to achieving timely notice of such substitution. In the event a substitute foreclosure commissioner is designated less than forty-eight hours prior to the time of the foreclosure sale, the pending foreclosure shall be terminated and a new foreclosure shall be commenced by commencing service of a new notice of default and foreclosure sale.

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

12 U.S.C. § 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 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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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3705 — Prerequisites to foreclosure

Foreclosure by the Secretary under this chapter of a multifamily mortgage may be commenced, as provided in [section 3707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3707&num=0&edition=prelim), upon the breach of a covenant or condition in the mortgage agreement for which foreclosure is authorized under the mortgage, except that no such foreclosure may be commenced unless any previously pending proceeding, judicial or nonjudicial, separately instituted by the Secretary to foreclose the mortgage other than under this chapter has been withdrawn, dismissed, or otherwise terminated. No such separately instituted foreclosure proceeding on the mortgage shall be instituted by the Secretary during the pendency of foreclosure pursuant to this chapter. Nothing in this chapter shall preclude the Secretary from enforcing any right, other than foreclosure, under applicable State law, including any right to obtain a monetary judgment. Nothing in this chapter shall preclude the Secretary from foreclosing under this chapter where the Secretary has obtained or is seeking any other remedy available pursuant to Federal or State law or under the mortgage agreement, including, but not limited to, the appointment of a receiver, mortgagee-in-possession status, relief under an assignment of rents, or transfer to a nonprofit entity pursuant to [section 1701q of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701q&num=0&edition=prelim) or [section 8013 of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section8013&num=0&edition=prelim).

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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. § 3707 — Commencement of foreclosure; powers

Page 1558 TITLE 12—BANKS AND BANKING § 3707 (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 bal- ance 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 op- erate the security property in accordance with the terms of the program under which the mort- gage insurance or assistance was provided, or any applicable regulatory or other agreement in effect with respect to such property imme- diately 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 prop- erty in accordance with such terms, as appro- priate, of the programs referred to in paragraph (1). (B) In any case where the Secretary is the pur- chaser of a multifamily project, the Secretary shall manage and dispose of such project in ac- cordance with the provisions of section 203 of the Housing and Community Development Amendments of 1978 [12 U.S.C. 1701z–11]. (Pub. L. 97–35, title III, § 367, Aug. 13, 1981, 95 Stat. 424; Pub. L. 102–550, title V, § 517(d), Oct. 28, 1992, 106 Stat. 3792.) Editorial Notes AMENDMENTS 1992—Subsec. (b)(1). Pub. L. 102–550 amended par. (1) generally. Prior to amendment, par. (1) read as follows: ‘‘Except as provided in paragraph (2)(A), the Secretary may require, as a

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