dreamproit/uscode huggingface dataset:
12 U.S.C. § 3756 (BANKS AND BANKING)
§ 3756. Commencement of foreclosure
(a) Request to foreclosure commissioner
If the Secretary, as holder of a single family mortgage, determines that the prerequisites to foreclosure set forth in section 3755 of this title are satisfied, the Secretary may request the foreclosure commissioner to commence foreclosure of a single family 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 sections 3757 and 3758 of this title.
(b) Designation of substitute foreclosure commissioner
After commencement of a foreclosure under this chapter, the Secretary may designate a substitute foreclosure commissioner at any time before the time of the foreclosure sale, and the foreclosure shall continue without prejudice, unless the substitute commissioner, in that commissioner’s sole discretion, finds that continuation of the foreclosure sale will unfairly affect the interests of the mortgagor. If the substitute commissioner makes such a finding, the substitute commissioner shall cancel the foreclosure sale, or adjourn such sale in accordance with section 3760(c) of this title.
(c) Written notice
Upon designation of a substitute foreclosure commissioner, a copy of the written notice of such designation described in section 3754 of this title shall be served—
(1) by mail, as provided in section 3758 of this title (except that the minimum time periods between mailing and the date of foreclosure sale prescribed in such section shall not apply); or
(2) in any other manner which, in the substitute commissioner’s sole discretion, is conducive to achieving timely notice of such substitution.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 807 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3757 (BANKS AND BANKING)
§ 3757. Notice of default and foreclosure sale
The notice of default and foreclosure sale to be served in accordance with this chapter shall set forth—
(1) the name and address of the foreclosure commissioner;
(2) the date on which the notice is issued;
(3) the names of—
(A) the Secretary;
(B) the original mortgagee (if other than the Secretary); and
(C) the original mortgagor;
(4) the street address or a description of the location of the security property, and a description of the security property, sufficient to identify the property to be sold;
(5) the date of the mortgage, the office in which the mortgage is recorded, and the liber number and folio or other appropriate description of the location of recordation of the mortgage;
(6) identification of the failure to make payment, including the due date of the earliest installment payment remaining wholly unpaid as of the date on which the notice is issued upon which the foreclosure is based, or a description of any other default or defaults upon which foreclosure is based, and the acceleration of the secured indebtedness;
(7) the date, time, and location of the foreclosure sale;
(8) a statement that the foreclosure is being conducted pursuant to this chapter;
(9) a description of the types of costs, if any, to be paid by the purchaser upon transfer of title;
(10) the amount and method of deposit to be required at the foreclosure sale (except that no deposit shall be required of the Secretary) and the time and method of payment of the balance of the foreclosure purchase price; and
(11) any other appropriate terms of sale or information, as the Secretary may determine.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 808 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3759 (BANKS AND BANKING)
§ 3759. Presale reinstatement
(a) Withdrawal and cancellation
(1) In general
Except as provided in sections 3756(b) and 3760(c) of this title, the foreclosure commissioner shall withdraw the security property from foreclosure and cancel the foreclosure sale only if—
(A) the Secretary directs the foreclosure commissioner to do so before or at the time of the sale;
(B) the foreclosure commissioner finds, upon application of the mortgagor not less than 3 days before the date of the 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
(C)
(i) 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;
(ii) 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
(iii) there is tendered to the foreclosure commissioner before public auction is completed—
(I) all amounts due under the mortgage agreement (excluding additional amounts which would have been due if mortgage payments had been accelerated);
(II) all amounts of expenditures secured by the mortgage; and
(III) all costs of foreclosure incurred for which payment from the proceeds of foreclosure is provided in section 3761 of this title.
(2) Discretionary noncancellation
The Secretary may refuse to cancel a foreclosure sale pursuant to paragraph (1)(C) 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) Opportunity of Secretary to dispute withdrawal
Before withdrawing the security property from foreclosure under subparagraph (B) or (C) of subsection (a)(1), the foreclosure commissioner shall afford the Secretary a reasonable opportunity to demonstrate why the security property should not be so withdrawn.
(c) Effect of cancellation
(1) Mortgage unaffected
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.
(2) Commencement of new foreclosure sale
Cancellation of a foreclosure sale under this chapter shall have no effect on the commencement of a subsequent foreclosure proceeding under this chapter.
(d) Notice of cancellation
The foreclosure commissioner shall file a notice of cancellation in the same place and manner provided for filing the notice of default and foreclosure sale in section 3758 of this title.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 810 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3761 (BANKS AND BANKING)
§ 3761. Foreclosure costs
The following foreclosure costs shall be paid from the sale proceeds before satisfaction of any other claim to such sale proceeds:
(1) Advertising and postage
Necessary advertising costs and postage incurred in giving notice pursuant to sections 3758 and 3760 of this title.
(2) Mileage
Mileage (determined by the most reasonable road distance) for posting notices and for the foreclosure commissioner’s or auctioneer’s attendance at the sale, as provided in section 1821 of title 28.
(3) Title and lien search
Reasonable and necessary costs incurred in connection with any search of title and lien records.
(4) Recordation fees
Costs incurred to record documents.
(5) Commission
A commission for the foreclosure commissioner (if the foreclosure commissioner is not an employee of the United States) for the conduct of the foreclosure, to the extent such a commission is authorized by the Secretary.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 812 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3762 (BANKS AND BANKING)
§ 3762. Disposition of sale proceeds
(a) Priority payments
Money realized from a foreclosure sale shall be made available for obligation and expenditure in the following order:
(1) Costs of foreclosure
To cover the costs of the foreclosure proceeding described in section 3761 of this title.
(2) Tax liens
To pay valid tax liens or assessments if required by the notice of default and foreclosure sale.
(3) Prior liens
To pay any liens recorded before the recording of the mortgage which are required to be paid in conformity with the terms of sale in the notice of default and foreclosure sale.
(4) Service charges and advances
To pay service charges and advances for taxes, assessments, and property insurance premiums.
(5) Interest
To pay any outstanding interest.
(6) Principal
To pay the principal outstanding balance secured by the mortgage (including expenditures for the necessary protection, preservation, and repair of the security property as authorized under the mortgage agreement and interest thereon if provided for in the mortgage agreement).
(7) Late charges or fees
To pay any late charges or fees.
(b) Other payments
(1) Other lienholders and the mortgagor
Any surplus of proceeds from a foreclosure sale, after payment of the items described in subsection (a) shall be paid in the following order:
(A) First, to holders of liens recorded after the mortgage in the order of priority under Federal law or the law of the State in which the security property is located.
(B) Second, to the appropriate mortgagor.
(2) Disputed claims
If the person to whom such surplus is to be paid cannot be located, or if the surplus available is insufficient to pay all claimants and the claimants cannot agree on the allocation of the surplus, or if any person claiming an interest in the mortgage proceeds does not agree that some or all of the sale proceeds should be paid to a claimant as provided in this section, that part of the sale proceeds in question may be deposited by the foreclosure commissioner with an appropriate official or court authorized under law to receive disputed funds in such circumstances. If a procedure for the deposit of disputed funds is not available, and the foreclosure commissioner files a bill of interpleader or is sued as a stakeholder to determine entitlement to such funds, the foreclosure commissioner’s necessary costs incurred in taking or defending such action shall be deductible from the disputed funds.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 813 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3763 (BANKS AND BANKING)
§ 3763. Transfer of title and possession
(a) Delivery of deeds
The foreclosure commissioner shall, upon delivery of a deed or deeds to the purchaser or purchasers (which shall be without warranty or covenants to the purchaser or purchasers) obtain the balance of the purchase price in accordance with the terms of sale provided in the notice of default and foreclosure sale. Notwithstanding any State law to the contrary, delivery of a deed by the foreclosure commissioner shall be a conveyance of the property, and constitute passage of title to the mortgaged property, and no judicial proceedings shall be required ancillary or supplementary to the procedures provided in this chapter to assure the validity of the conveyance or confirmation of such conveyance.
(b) Right of possession
A purchaser at a foreclosure sale held pursuant to this chapter shall be entitled to possession upon passage of title under subsection (a) to the mortgaged property, subject to any interest or interests not barred under section 3765 of this title. Any person remaining in possession of the mortgaged property after the passage of title shall be deemed a tenant at sufferance subject to eviction under local law.
(c) Death of purchaser
If a purchaser dies before execution and delivery of the deed conveying the property to the purchaser, the foreclosure commissioner shall execute and deliver the deed to a representative of the decedent purchaser’s estate upon payment of the purchase price in accordance with the terms of sale. Such delivery to the representative of the purchaser’s estate shall have the same effect as if accomplished during the lifetime of the purchaser.
(d) Bona fide purchaser
The purchaser of property under this chapter shall be presumed to be a bona fide purchaser.
(e) No right of redemption
(1) In general
There shall be no right of redemption, or right of possession based upon a right of redemption, in the mortgagor or others subsequent to a foreclosure completed pursuant to this chapter.
(2) Certain provisions
Section 1710(l) of this title and section 1452c of title 42 shall not apply to mortgages foreclosed under this chapter.
(f) Taxes
When a mortgage foreclosed pursuant to this chapter is conveyed to the Secretary, no tax shall be imposed or collected with respect to the foreclosure commissioner’s deed (including any tax customarily imposed upon the deed instrument or upon the conveyance or transfer of title to the property). Failure to collect or pay a tax of the type and under the circumstances stated in the preceding sentence shall not be grounds for refusing to record such a deed, for failing to recognize such recordation as imparting notice, or for denying the enforcement of such a deed and its provisions in any State or Federal court.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 814 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3764 (BANKS AND BANKING)
§ 3764. Record of foreclosure and sale
(a) Statements included
To establish a sufficient record of foreclosure and sale, the foreclosure commissioner shall include in the recitals of the deed to the purchaser, or prepare as an affidavit or addendum to the deed, a statement setting forth—
(1) the date, time, and place of the foreclosure sale;
(2) that the mortgage was held by the Secretary, the date of the mortgage, the office in which the mortgage was recorded, and the liber number and folio or other appropriate description of the recordation of the mortgage;
(3) the particulars of the foreclosure commissioner’s service of the notice of default and foreclosure sale in accordance with sections 3758 and 3760 of this title;
(4) the date and place of filing the notice of default and foreclosure sale;
(5) that the foreclosure was conducted in accordance with the provisions of this chapter and with the terms of the notice of default and foreclosure sale; and
(6) the sale amount.
(b) Effect of statements
The items set forth in subsection (a) shall—
(1) be prima facie evidence of the truth of such facts in any Federal or State court; and
(2) evidence a conclusive presumption in favor of bona fide purchasers and encumbrancers for value without notice.
Encumbrancers for value include liens placed by lenders who provide the purchaser with purchase money in exchange for a security interest in the newly-conveyed property.
(c) Recordation of instruments
The deed executed by the foreclosure commissioner, the foreclosure commissioner’s affidavit (if prepared) and any other instruments submitted for recordation in relation to the foreclosure of the security property under this chapter shall be accepted for recordation by the registrar of deeds or other appropriate official of the county or counties in which the security property is located upon tendering of payment of the usual recording fees for such instruments, and without regard to the compliance of those instruments with any other local filing requirements.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 815 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3765 (BANKS AND BANKING)
§ 3765. Effect of sale
A sale, made and conducted as prescribed in this chapter to a bona fide purchaser, shall bar all claims upon, or with respect to, the property sold, for each of the following persons:
(1) Notice recipients
Any person to whom the notice of default and foreclosure sale was mailed as provided in this chapter, and the heir, devisee, executor, administrator, successor, or assignee claiming under any such person.
(2) Subordinate claimants with knowledge
Any person claiming any interest in the property subordinate to that of the mortgage, if such person had actual knowledge of the foreclosure sale.
(3) Nonrecorded claimants
Any person claiming any interest in the property, whose assignment, mortgage, or other conveyance was not duly recorded or filed in the proper place for recording or filing, or whose judgment or decree was not duly docketed or filed in the proper place for docketing or filing, before the date on which the notice of the foreclosure sale was first served by publication, as required by section 3758(3) of this title, and the executor, administrator, or assignee of such a person.
(4) Other persons
Any person claiming an interest in the property under a statutory lien or encumbrance created subsequent to the recording or filing of the mortgage being foreclosed, and attaching to the title or interest of any person designated in any of the foregoing paragraphs.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 816 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3766 (BANKS AND BANKING)
§ 3766. Computation of time
Periods of time provided for in this chapter shall be calculated in consecutive calendar days, including the day or days on which the actions or events occur or are to occur for which the period of time is provided and including the day on which an event occurs or is to occur from which the period is to be calculated.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 817 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3767 (BANKS AND BANKING)
§ 3767. Severability
If any part of this chapter shall, for any reason, be adjudged by a court of competent jurisdiction to be invalid, or invalid as applied to a class of cases, such judgment shall not affect, impair, or invalidate the remainder thereof, and shall be confined in its operation to the part thereof directly involved in the controversy in which such judgment shall have been rendered.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 818 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3768 (BANKS AND BANKING)
§ 3768. Deficiency judgment
(a) In general
(1) Referral to Attorney General
If after deducting the payments provided for in section 3762 of this title, the price at which the security property is sold at a foreclosure sale is less than the unpaid balance of the debt secured by the security property, resulting in a deficiency, the Secretary may refer the matter to the Attorney General who may commence an action or actions against any or all debtors to recover the deficiency, unless such an action is specifically prohibited by the mortgage.
(2) Other recoveries
In any action instituted pursuant to this section the United States may recover—
(A) any amount authorized by section 3011 of title 28; and
(B) the costs of the action.
(b) Limitation
Any action commenced to recover a deficiency under this section must be brought not later than 6 years after the date of the last sale of the security property.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 819 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3801 (BANKS AND BANKING)
§ 3801. Findings and purpose
(a) The Congress hereby finds that—
(1) increasingly volatile and dynamic changes in interest rates have seriously impared 1 the ability of housing creditors to provide consumers with fixed-term, fixed-rate credit secured by interests in real property, cooperative housing, manufactured homes, and other dwellings;
(2) alternative mortgage transactions are essential to the provision of an adequate supply of credit secured by residential property necessary to meet the demand expected during the 1980’s; and
(3) the Comptroller of the Currency, the National Credit Union Administration, and the Director of the Office of Thrift Supervision have recognized the importance of alternative mortgage transactions and have adopted regulations authorizing federally chartered depository institutions to engage in alternative mortgage financing.
(b) It is the purpose of this chapter to eliminate the discriminatory impact that those regulations have upon nonfederally chartered housing creditors and provide them with parity with federally chartered institutions by authorizing all housing creditors to make, purchase, and enforce alternative mortgage transactions so long as the transactions are in conformity with the regulations issued by the Federal agencies.
(Pub. L. 97–320, title VIII, § 802, Oct. 15, 1982, 96 Stat. 1545; Pub. L. 101–73, title VII, § 744(c), Aug. 9, 1989, 103 Stat. 438.)
heading: Editorial Notes
heading: Amendments
text: 1989—Subsec. (a)(3). Pub. L. 101–73 substituted “Director of the Office of Thrift Supervision” for “Federal Home Loan Bank Board”.
heading: Statutory Notes and Related Subsidiaries
heading: Short Title
text: Pub. L. 97–320, title VIII, § 801, Oct. 15, 1982, 96 Stat. 1545, provided that: “This title [enacting this chapter] may be cited as the ‘Alternative Mortgage Transaction Parity Act of 1982’.”
heading: Effective Date
text: Pub. L. 97–320, title VIII, § 807(a), Oct. 15, 1982, 96 Stat. 1548, provided that: “This title [enacting this chapter] shall be effective upon enactment [Oct. 15, 1982].”
heading: Identification, Description and Publication of Regulations Inapplicable To, or Conformation of Regulations for Use Of Nonfederally Chartered Housing Creditors
text: Pub. L. 97–320, title VIII, § 807(b), Oct. 15, 1982, 96 Stat. 1548, provided that: “Within sixty days of the enactment of this title [Oct. 15, 1982], the Comptroller of the Currency, the National Credit Union Administration, and the Federal Home Loan Bank Board shall identify, describe, and publish those portions or provisions of their respective regulations that are inappropriate for (and thus inapplicable to), or that need to be conformed for the use of, the nonfederally chartered housing creditors to which their respective regulations apply, including without limitation, making necessary changes in terminology to conform the regulatory and disclosure provisions to those more typically associated with various types of transactions including credit sales.”