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12 U.S.C. § 3708 — Service of notice of default and foreclosure sale
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
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Source file: Laws/federal/codes/united-states-code/title-12/section-3708-service-of-notice-of-default-and-foreclosure-sale--254bb83bf6.md
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Source location: Title 12, Chapter 38, § 3708; chapter-038-multifamily-mortgage-foreclosure.md
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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 mailed to the owner or mortgagor at the address stated in the mortgage agreement, or, if none, to the address of the security property, 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 commissioner, to any other address believed to be that of such lienholder. Notice by mail pursuant to this subsection or [section 3707(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3707/b&num=0&edition=prelim) 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 foreclosure sale shall be published, as provided herein, once a week during three successive calendar weeks, and the date of last publication shall be not less than four nor more than twelve days prior to the sale date. The information included in the notice of default and foreclosure sale pursuant to [section 3706(a)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3706/a/4&num=0&edition=prelim) may be omitted, in the foreclosure commissioner’s discretion, from the published notice. Such publication shall be in a newspaper or newspapers having general circulation in the county or counties in which the security property being sold is located. To the extent practicable, the newspaper or newspapers chosen shall be a newspaper or newspapers, 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 security property being sold is located, copies of the notice of default and foreclosure sale shall be posted in at least three public places in each such county at least twenty-one days prior to the date of sale.
(3) A copy of the notice of default and foreclosure sale shall be posted in a prominent place at or on the real property to be sold at least seven days prior to the foreclosure sale, and entry upon the premises for this purpose shall be privileged as against all persons. If the property consists of two or more noncontiguous parcels of land, a copy of the notice of default and foreclosure sale shall be posted in a prominent place on each such parcel. If the security property consists of two or more separate buildings, a copy of the notice of default and foreclosure sale shall be posted in a prominent place on each such building. Posting at or on the premises shall not be required where the foreclosure commissioner, in the commissioner’s sole discretion, finds that the act of posting will likely cause a breach of the peace or that posting may result in an increased risk of vandalism or damage to the property.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The notice of default and foreclosure sale to be served in accordance with this chapter shall be subscribed with the name and address of the foreclosure commissioner and the date on which subscribed, and shall set forth the following information:
(1) the names of the Secretary, the original mortgagee and the original mortgagor;
(2) the street address or a description of the location of the security property, and a description of the security property, or so much thereof as is to be offered for sale, sufficient to identify the property to be sold;
(3) the date of the mortgage, the office in which the mortgage is recorded, and the liber and folio or other description of the location of recordation of the mortgage;
(4) the failure to make payment, including the due date of the earliest installment payment remaining wholly unpaid as of the date the notice is subscribed, or the description of other default or defaults upon which foreclosure is based, and the acceleration of the secured indebtedness;
(5) the date, time, and place of the foreclosure sale;
(6) a statement that the foreclosure is being conducted pursuant to this chapter;
(7) the types of costs, if any, to be paid by the purchaser upon transfer of title; and
(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 balance 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 operate the security property in accordance with the terms of the program under which the mortgage i
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3704
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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
**(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 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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