12 USC 3756 - Sec. 3756. Commencement of foreclosure

12 USC - U.S. Code - Title 12: Banks and Banking (January 2004)


Permanent Link: http://vlex.com/vid/19226690

Id. vLex: VLEX-19226690

Click here to download this article in graphic format (Acrobat Reader)

Search in this document

Sponsored Ads:


Text:

  (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.


Codification

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.

Section Referred To In Other Sections

This section is referred to in sections 3758, 3759 of this title.

Other documents:
Abinante & Nola Packing Co., California Packing Corporation, California Prune And Apricot Growers A... | RESOLUCIÓN de 23 de junio de 1998 de la Dirección General de Centros Docentes por la que se modifica la Resolución de 23 de abril de 1998 y la Resolución de 27 de ma... | resolucion de la mesa de contratacion permanente para el cuartel general del ejercito del a... | Wininger V Si Management L.P. 301 F.3d 1115 9th Cir 2002 | Case of Tribunal Superior de Justicia Madrid Sala de lo Contencioso-Administrativo of February 28 2003 | orden eci/1437/2007, de 17 de abril, por la que se dispone el nombramiento de vocales del pleno del observatorio estatal de la convivencia ... | us v. mojica baez (1st cir. 2000) | case of tribunal supremo - sala cuarta, de lo social, of december 19, 1995 | anuncio de 2 de noviembre de 2006, de la gerencia provincial de malaga de la empresa publica... | commission regulation (ec) no1155/2006 of 28 july 2006 establishing the standard import values for determining...