<num style="-uslm-dtd:enum" value="VIII">TITLE VIII<ref style="-uslm-dtd:footnote-ref" idref="IDCF4EB79F632C48CEB2B11CE20BE005D2" class="footnoteRef">1</ref>—</num><heading style="-uslm-dtd:header">NONJUDICIAL FORECLOSURE OF DEFAULTED SINGLE FAMILY MORTGAGES </heading> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s801" styleType="OLC"> <num style="-uslm-dtd:enum" value="801">SEC. 801. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3751">12 U.S.C. 3751 note</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">SHORT TITLE. </heading> <content style="-uslm-dtd:text" class="block">This title may be cited as the “<shortTitle style="-uslm-dtd:quote"><inline style="-uslm-dtd:short-title">Single Family Mortgage Foreclosure Act of 1994</inline></shortTitle>”.</content><footnote id="IDCF4EB79F632C48CEB2B11CE20BE005D2" style="-uslm-dtd:footnote"><sup style="-uslm-dtd:superscript">1</sup><p style="-uslm-dtd:para; margin-left:1em">The text of this title consists of title VIII of the bill S. 2281, 103d Congress, as reported (S. Rep. 103–307). The title was enacted by the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1995, Pub. L. 103–327, 108 Stat. 2316, approved September 28, 1994, by incorporating such title by reference in such Act.</p></footnote> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s802" styleType="OLC"> <num style="-uslm-dtd:enum" value="802">SEC. 802. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3751">12 U.S.C. 3751</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">FINDINGS AND PURPOSE. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s802/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Findings.—</heading><chapeau style="-uslm-dtd:text">The Congress finds that—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s802/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><chapeau style="-uslm-dtd:text">the disparate State laws under which mortgages are foreclosed on behalf of the Secretary covering 1- to 4-family residential properties—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s802/a/1/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">burden certain programs administered by the Secretary;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s802/a/1/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">increase the costs of collecting obligations; and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s802/a/1/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">generally are a detriment to the community in which the properties are located;</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s802/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><chapeau style="-uslm-dtd:text">the long periods required to complete the foreclosure of such mortgages under certain State laws—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s802/a/2/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">lead to deterioration in the condition of the properties involved;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s802/a/2/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">necessitate substantial Federal holding expenditures;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s802/a/2/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">increase the risk of vandalism, fire loss, depreciation, damage, and waste with respect to the properties; and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s802/a/2/D" styleType="OLC"> <num style="-uslm-dtd:enum" value="D">(D) </num><content style="-uslm-dtd:text">adversely affect the neighborhoods in which the properties are located;</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s802/a/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">these conditions seriously impair the ability of the Secretary to protect the Federal financial interest in the affected properties and frustrate attainment of the objectives of the underlying Federal program authority;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s802/a/4" styleType="OLC"> <num style="-uslm-dtd:enum" value="4">(4) </num><content style="-uslm-dtd:text">the availability of uniform and more expeditious procedures, with no right of redemption in the mortgagor or others, for the foreclosure of these mortgages by the Secretary will tend to ameliorate these conditions; and</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s802/a/5" styleType="OLC"> <num style="-uslm-dtd:enum" value="5">(5) </num><content style="-uslm-dtd:text">providing the Secretary with a nonjudicial foreclosure procedure will reduce unnecessary litigation by removing many foreclosures from the courts if they contribute to overcrowded calendars.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s802/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Purpose.—</heading><chapeau style="-uslm-dtd:text">The purpose of this title is to create a uniform Federal foreclosure remedy for single family mortgages that—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s802/b/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">are held by the Secretary pursuant to title I or title II of the National Housing Act; or</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s802/b/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">secure loans obligated by the Secretary under section 312 of the Housing Act of 1964.</content> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s803" styleType="OLC" role="definitions"> <num style="-uslm-dtd:enum" value="803">SEC. 803. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3752">12 U.S.C. 3752</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">DEFINITIONS. </heading> <subsection style="-uslm-dtd:subsection" styleType="OLC" role="undesignated-level"><chapeau style="-uslm-dtd:text">For purposes of this title, the following definitions shall apply:</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s803/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Bona fide purchaser.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">bona fide purchaser</term>” means a purchaser for value in good faith and without notice of any adverse claim, and who acquires the security property free of any adverse claim.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s803/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">County.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">county</term>” has the same meaning as in section 2 of title 1, United States Code.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s803/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Mortgage.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">mortgage</term>” means a deed of trust, mortgage, deed to secure debt, security agreement, or any other form of instrument under which any property (real, personal or mixed), or any interest in property (including leaseholds, life estates, reversionary interests, and any other estates under applicable State law), is conveyed in trust, mortgaged, encumbered, pledged, or otherwise rendered subject to a lien for the purpose of securing the payment of money or the performance of an obligation.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s803/4" styleType="OLC"> <num style="-uslm-dtd:enum" value="4">(4) </num><heading style="-uslm-dtd:header">Mortgage agreement.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">mortgage agreement</term>” means the note or debt instrument and the mortgage instrument, deed of trust instrument, trust deed, or instrument or instruments creating the mortgage, including any instrument incorporated by reference therein and any instrument or agreement amending or modifying any of the foregoing.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s803/5" styleType="OLC"> <num style="-uslm-dtd:enum" value="5">(5) </num><heading style="-uslm-dtd:header">Mortgagor.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">mortgagor</term>” means the obligor, grantor, or trustee named in the mortgage agreement and, unless the context otherwise indicates, includes the current owner of record of the security property whether or not such owner is personally liable on the mortgage debt.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s803/6" styleType="OLC"> <num style="-uslm-dtd:enum" value="6">(6) </num><heading style="-uslm-dtd:header">Owner.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">owner</term>” means any person who has an ownership interest in property and includes heirs, devises, executors, administrators, and other personal representatives, and trustees of testamentary trusts if the owner of record is deceased.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s803/7" styleType="OLC"> <num style="-uslm-dtd:enum" value="7">(7) </num><heading style="-uslm-dtd:header">Person.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">person</term>” includes any individual, group of individuals, association, partnership, corporation, or organization.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s803/8" styleType="OLC"> <num style="-uslm-dtd:enum" value="8">(8) </num><heading style="-uslm-dtd:header">Record; recorded.—</heading><content style="-uslm-dtd:text">The terms “<term style="-uslm-dtd:term">record</term>” and “<term style="-uslm-dtd:quote">recorded</term>” include “<term style="-uslm-dtd:quote">register</term>” and “<term style="-uslm-dtd:quote">registered</term>” in the instance of registered land.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s803/9" styleType="OLC"> <num style="-uslm-dtd:enum" value="9">(9) </num><heading style="-uslm-dtd:header">Security property.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">security property</term>” means the property (real, personal or mixed) or an interest in property (including leaseholds, life estates, reversionary interests, and any other estates under applicable State law), together with fixtures and other interests subject to the lien of the mortgage under applicable State law.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s803/10" styleType="OLC"> <num style="-uslm-dtd:enum" value="10">(10) </num><heading style="-uslm-dtd:header">Single family mortgage.—</heading><chapeau style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">single family mortgage</term>” means a mortgage that covers property on which there is located a 1- to 4-family residence, and that—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s803/10/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">is held by the Secretary pursuant to title I or title II of the National Housing Act; or</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s803/10/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">secures a loan obligated by the Secretary under section 312 of the Housing Act of 1964, as it existed before the repeal of that section by section 289 of the Cranston-Gonzalez National Affordable Housing Act (except that a mortgage securing such a loan that covers property containing nonresidential space and a 1- to 4-family dwelling shall not be subject to this title).</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s803/11" styleType="OLC"> <num style="-uslm-dtd:enum" value="11">(11) </num><heading style="-uslm-dtd:header">State.—</heading><chapeau style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">State</term>” means—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s803/11/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">the several States;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s803/11/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">the District of Columbia;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s803/11/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">the Commonwealth of Puerto Rico;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s803/11/D" styleType="OLC"> <num style="-uslm-dtd:enum" value="D">(D) </num><content style="-uslm-dtd:text">the United States Virgin Islands;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s803/11/E" styleType="OLC"> <num style="-uslm-dtd:enum" value="E">(E) </num><content style="-uslm-dtd:text">Guam;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s803/11/F" styleType="OLC"> <num style="-uslm-dtd:enum" value="F">(F) </num><content style="-uslm-dtd:text">American Samoa;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s803/11/G" styleType="OLC"> <num style="-uslm-dtd:enum" value="G">(G) </num><content style="-uslm-dtd:text">the Northern Mariana Islands;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s803/11/H" styleType="OLC"> <num style="-uslm-dtd:enum" value="H">(H) </num><content style="-uslm-dtd:text">the Trust Territory of the Pacific Islands; and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s803/11/I" styleType="OLC"> <num style="-uslm-dtd:enum" value="I">(I) </num><content style="-uslm-dtd:text">Indian tribes, as defined by the Secretary.</content> </subparagraph> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s804" styleType="OLC"> <num style="-uslm-dtd:enum" value="804">SEC. 804. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3753">12 U.S.C. 3753</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">APPLICABILITY. </heading> <content style="-uslm-dtd:text" class="block">Single family mortgages encumbering real estate located in any State may be foreclosed by the Secretary in accordance with this title, or pursuant to other foreclosure procedures available, at the option of the Secretary.</content> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s805" styleType="OLC"> <num style="-uslm-dtd:enum" value="805">SEC. 805. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3754">12 U.S.C. 3754</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">DESIGNATION OF FORECLOSURE COMMISSIONER. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s805/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading><content style="-uslm-dtd:text">The Secretary may designate a person or persons to serve as a foreclosure commissioner or commissioners for the purpose of foreclosing upon a single family mortgage.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s805/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Power of Sale.—</heading><content style="-uslm-dtd:text">A foreclosure commissioner designated under this section shall have a nonjudicial power of sale.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s805/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Qualifications.—</heading><content style="-uslm-dtd:text">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 laws of the State in which the security property is located. No person shall be designated as a foreclosure commissioner unless that person is responsible, financially sound, and competent to conduct a foreclosure.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s805/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Designation Procedure.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s805/d/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Written designation.—</heading><content style="-uslm-dtd:text">The Secretary may designate a foreclosure commissioner by executing a written designation stating the name and business or residential address of the commissioner, except that if a person is designated in his or her capacity as an official or employee of a government or corporate entity, such person may be designated by his or her unique title or position instead of by name.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s805/d/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Substitute commissioners.—</heading><content style="-uslm-dtd:text">The Secretary may, with or without cause, designate a substitute foreclosure commissioner to replace a previously designated foreclosure commissioner.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s805/d/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Number.—</heading><content style="-uslm-dtd:text">More than 1 foreclosure commissioner may be designated at any time.</content> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s806" styleType="OLC"> <num style="-uslm-dtd:enum" value="806">SEC. 806. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3755">12 U.S.C. 3755</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">PREREQUISITES TO FORECLOSURE. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s806/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s806/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Upon breach of covenant or condition.—</heading><content style="-uslm-dtd:text">The Secretary is authorized to foreclose a mortgage under this title upon the breach of a covenant or condition in the mortgage agreement.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s806/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">No other pending proceedings.—</heading> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s806/a/2/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">Prior to commencement.—</heading><content style="-uslm-dtd:text">No foreclosure may be commenced under this title unless any previously pending judicial or nonjudicial proceeding that has been separately instituted by the Secretary to foreclose the mortgage (other than under this title), has been withdrawn, dismissed, or otherwise terminated.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s806/a/2/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">After commencement.—</heading><content style="-uslm-dtd:text">No separately instituted foreclosure proceeding on a mortgage which is the subject of a foreclosure proceeding under this title shall be instituted by the Secretary during the pendency of foreclosure pursuant to this title.</content> </subparagraph> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s806/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Other Rights Unaffected.—</heading><chapeau style="-uslm-dtd:text">Nothing in this title shall preclude the Secretary from—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s806/b/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">enforcing any right, other than foreclosure, under applicable Federal or State law, including any right to obtain a monetary judgment; or</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s806/b/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">foreclosing under this title if the Secretary has obtained or is seeking any other remedy available pursuant to Federal or State law, or under the mortgage agreement, including the appointment of a receiver, mortgagee-in-possession status, or relief under an assignment of rents.</content> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s807" styleType="OLC"> <num style="-uslm-dtd:enum" value="807">SEC. 807. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3756">12 U.S.C. 3756</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">COMMENCEMENT OF FORECLOSURE. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s807/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Request to Foreclosure Commissioner.—</heading><content style="-uslm-dtd:text">If the Secretary, as holder of a single family mortgage, determines that the prerequisites to foreclosure set forth in section 806 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 808 and 809.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s807/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Designation of Substitute Foreclosure Commissioner.—</heading><content style="-uslm-dtd:text">After commencement of a foreclosure under this title, 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 811(c).</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s807/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Written Notice.—</heading><chapeau style="-uslm-dtd:text">Upon designation of a substitute foreclosure commissioner, a copy of the written notice of such designation described in section 805 shall be served—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s807/c/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">by mail, as provided in section 809 (except that the minimum time periods between mailing and the date of foreclosure sale prescribed in such section shall not apply); or</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s807/c/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">in any other manner which, in the substitute commissioner's sole discretion, is conducive to achieving timely notice of such substitution.</content> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s808" styleType="OLC"> <num style="-uslm-dtd:enum" value="808">SEC. 808. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3757">12 U.S.C. 3757</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">NOTICE OF DEFAULT AND FORECLOSURE SALE. </heading> <subsection style="-uslm-dtd:subsection" styleType="OLC" role="undesignated-level"><chapeau style="-uslm-dtd:text">The notice of default and foreclosure sale to be served in accordance with this title shall set forth—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s808/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">the name and address of the foreclosure commissioner;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s808/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">the date on which the notice is issued;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s808/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><chapeau style="-uslm-dtd:text">the names of—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s808/3/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">the Secretary;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s808/3/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">the original mortgagee (if other than the Secretary); and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s808/3/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">the original mortgagor;</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s808/4" styleType="OLC"> <num style="-uslm-dtd:enum" value="4">(4) </num><content style="-uslm-dtd:text">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;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s808/5" styleType="OLC"> <num style="-uslm-dtd:enum" value="5">(5) </num><content style="-uslm-dtd:text">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;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s808/6" styleType="OLC"> <num style="-uslm-dtd:enum" value="6">(6) </num><content style="-uslm-dtd:text">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;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s808/7" styleType="OLC"> <num style="-uslm-dtd:enum" value="7">(7) </num><content style="-uslm-dtd:text">the date, time, and location of the foreclosure sale;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s808/8" styleType="OLC"> <num style="-uslm-dtd:enum" value="8">(8) </num><content style="-uslm-dtd:text">a statement that the foreclosure is being conducted pursuant to this title;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s808/9" styleType="OLC"> <num style="-uslm-dtd:enum" value="9">(9) </num><content style="-uslm-dtd:text">a description of the types of costs, if any, to be paid by the purchaser upon transfer of title;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s808/10" styleType="OLC"> <num style="-uslm-dtd:enum" value="10">(10) </num><content style="-uslm-dtd:text">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</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s808/11" styleType="OLC"> <num style="-uslm-dtd:enum" value="11">(11) </num><content style="-uslm-dtd:text">any other appropriate terms of sale or information, as the Secretary may determine.</content> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s809" styleType="OLC"> <num style="-uslm-dtd:enum" value="809">SEC. 809. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3758">12 U.S.C. 3758</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">SERVICE OF NOTICE OF FORECLOSURE SALE. </heading> <subsection style="-uslm-dtd:subsection" styleType="OLC" role="undesignated-level"><chapeau style="-uslm-dtd:text">The foreclosure commissioner shall serve the notice of default and foreclosure sale described in section 808 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:</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s809/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Timing.—</heading><content style="-uslm-dtd:text">Not less than 21 days before the date of the foreclosure sale, the notice of default and foreclosure sale shall be filed in the manner authorized for filing a notice of an action concerning real property according to the law of the State in which the security property is located or, if none, in the manner authorized by section 3201 of title 28, United States Code.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s809/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Notice by mail.—</heading> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s809/2/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">In general.—</heading><chapeau style="-uslm-dtd:text">The notice of foreclosure sale shall be sent by certified or registered mail, postage prepaid and return receipt requested, to the following:</chapeau> <clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s809/2/A/i" styleType="OLC"> <num style="-uslm-dtd:enum" value="i">(i) </num><heading style="-uslm-dtd:header">Current owner.—</heading><content style="-uslm-dtd:text">The current security property owner of record, as the record existed 45 days before the date originally set for the foreclosure sale (whether or not the notice describes a sale adjourned).</content> </clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s809/2/A/ii" styleType="OLC"> <num style="-uslm-dtd:enum" value="ii">(ii) </num><heading style="-uslm-dtd:header">Mortgagors.—</heading><content style="-uslm-dtd:text">All mortgagors of record or other persons who appear on the basis of the record to be liable for part or all of the mortgage debt, as the record existed 45 days before the date originally set for the foreclosure sale (whether or not the notice describes a sale adjourned).</content> </clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s809/2/A/iii" styleType="OLC"> <num style="-uslm-dtd:enum" value="iii">(iii) </num><heading style="-uslm-dtd:header">Dwelling units.—</heading><content style="-uslm-dtd:text">All dwelling units in the security property (whether or not the notice describes a sale adjourned).</content> </clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s809/2/A/iv" styleType="OLC"> <num style="-uslm-dtd:enum" value="iv">(iv) </num><heading style="-uslm-dtd:header">Other lienholders.—</heading><content style="-uslm-dtd:text">All persons holding liens of record upon the security property, as the record existed 45 days before the date originally set for the foreclosure sale (whether or not the notice describes a sale adjourned).</content> </clause> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s809/2/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">Timing.—</heading> <clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s809/2/B/i" styleType="OLC"> <num style="-uslm-dtd:enum" value="i">(i) </num><heading style="-uslm-dtd:header">Notice under clauses <inline style="-uslm-dtd:enum-in-header">(i) </inline>and <inline style="-uslm-dtd:enum-in-header">(ii)</inline>.—</heading><content style="-uslm-dtd:text">Notice under clauses (i) and (ii) of subparagraph (A) shall be mailed not less than 21 days before the date of the foreclosure sale, and shall be mailed to the current owner and mortgagor at the last known address of the current owner and mortgagor, 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 current owner and mortgagor.</content> </clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s809/2/B/ii" styleType="OLC"> <num style="-uslm-dtd:enum" value="ii">(ii) </num><heading style="-uslm-dtd:header">Notice under clause<inline style="-uslm-dtd:enum-in-header"> (iii)</inline>.—</heading><content style="-uslm-dtd:text">Notice under clause (iii) of subparagraph (A) shall be mailed not less than 21 days before the date of the foreclosure sale. If the names of the occupants of the security property are not known to the Secretary, or the security property has more than 1 dwelling, the notice shall be posted at the security property not less than 21 days before the foreclosure sale.</content> </clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s809/2/B/iii" styleType="OLC"> <num style="-uslm-dtd:enum" value="iii">(iii) </num><heading style="-uslm-dtd:header">Notice under clause <inline style="-uslm-dtd:enum-in-header">(iv)</inline>.—</heading><content style="-uslm-dtd:text">Notice under clause (iv) of subparagraph (A) shall be mailed not less than 21 days before the date of the foreclosure sale, and shall be mailed to each such lienholder's address of record or, at the discretion of the foreclosure commissioner, to any other address believed to be that of such lienholder.</content> </clause> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s809/2/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C) </num><heading style="-uslm-dtd:header">Effectiveness of notice.—</heading><content style="-uslm-dtd:text">Notice by mail pursuant to this section or section 807(c) 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 notice is returned.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s809/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Publication.—</heading> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s809/3/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">In general.—</heading><content style="-uslm-dtd:text">A copy of the notice of default and foreclosure sale shall be published once a week during 3 successive calendar weeks before the date of the foreclosure sale. 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 having circulation conducive to achieving notice of foreclosure by publication. A legal newspaper that is accepted as a newspaper of legal record in the county or counties in which the security property being sold is located shall be considered a newspaper having general circulation for the purposes of this paragraph.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s809/3/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">Exception.—</heading><chapeau style="-uslm-dtd:text">If there is 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 not less than 21 days before the date of the foreclosure sale—</chapeau> <clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s809/3/B/i" styleType="OLC"> <num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">at the courthouse of any county or counties in which the security property is located; and</content> </clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s809/3/B/ii" styleType="OLC"> <num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">at the place where the sale is to be held.</content> </clause> </subparagraph> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s810" styleType="OLC"> <num style="-uslm-dtd:enum" value="810">SEC. 810. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3759">12 U.S.C. 3759</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">PRESALE REINSTATEMENT. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s810/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Withdrawal and Cancellation.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s810/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">In general.—</heading><chapeau style="-uslm-dtd:text">Except as provided in sections 807(b) and 811(c), the foreclosure commissioner shall withdraw the security property from foreclosure and cancel the foreclosure sale only if—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s810/a/1/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">the Secretary directs the foreclosure commissioner to do so before or at the time of the sale;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s810/a/1/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">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</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s810/a/1/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C)</num><clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s810/a/1/C/i" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">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;</content></clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s810/a/1/C/ii" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">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</content> </clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/103/327/tVIII/s810/a/1/C/iii" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="iii">(iii) </num><chapeau style="-uslm-dtd:text">there is tendered to the foreclosure commissioner before public auction is completed—</chapeau> <subclause style="-uslm-dtd:subclause" identifier="/us/sComp/103/327/tVIII/s810/a/1/C/iii/I" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="I">(I) </num><content style="-uslm-dtd:text">all amounts due under the mortgage agreement (excluding additional amounts which would have been due if mortgage payments had been accelerated);</content> </subclause> <subclause style="-uslm-dtd:subclause" identifier="/us/sComp/103/327/tVIII/s810/a/1/C/iii/II" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="II">(II) </num><content style="-uslm-dtd:text">all amounts of expenditures secured by the mortgage; and</content> </subclause> <subclause style="-uslm-dtd:subclause" identifier="/us/sComp/103/327/tVIII/s810/a/1/C/iii/III" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="III">(III) </num><content style="-uslm-dtd:text">all costs of foreclosure incurred for which payment from the proceeds of foreclosure is provided in section 812.</content> </subclause> </clause> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s810/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Discretionary noncancellation.—</heading><content style="-uslm-dtd:text">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 title or otherwise, to be canceled by curing a default.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s810/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Opportunity of Secretary To Dispute Withdrawal.—</heading><content style="-uslm-dtd:text">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.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s810/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Effect of Cancellation.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s810/c/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Mortgage unaffected.—</heading><content style="-uslm-dtd:text">In any case in which a foreclosure commenced under this title is canceled, the mortgage shall continue in effect as though acceleration had not occurred.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s810/c/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Commencement of new foreclosure sale.—</heading><content style="-uslm-dtd:text">Cancellation of a foreclosure sale under this title shall have no effect on the commencement of a subsequent foreclosure proceeding under this title.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s810/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Notice of Cancellation.—</heading><content style="-uslm-dtd:text">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 809.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s811" styleType="OLC"> <num style="-uslm-dtd:enum" value="811">SEC. 811. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3760">12 U.S.C. 3760</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">CONDUCT OF SALE; ADJOURNMENT. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s811/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s811/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Manner and time.—</heading><content style="-uslm-dtd:text">A foreclosure sale pursuant to this title shall be held 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.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s811/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Location.—</heading><content style="-uslm-dtd:text">The foreclosure sale shall be held at a location specified in the notice of default and foreclosure sale and such location shall be at a place where foreclosure real estate auctions are customarily held in the county or 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 1 of the counties in which any part of the security property is situated.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s811/a/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Sale of multiple properties.—</heading><content style="-uslm-dtd:text">The foreclosure commissioner may designate the order in which multiple security properties are sold.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s811/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Duties of Foreclosure Commissioner.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s811/b/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Conduct of sale.—</heading> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s811/b/1/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">In general.—</heading><content style="-uslm-dtd:text">The foreclosure commissioner shall conduct the foreclosure sale in accordance with the provisions of this title and in a manner fair to both the mortgagor and the Secretary.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s811/b/1/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">Written bids.—</heading><content style="-uslm-dtd:text">Written one-price sealed bids shall be accepted by the foreclosure commissioner from the Secretary and other persons for entry by announcement by the foreclosure commissioner at the sale.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s811/b/1/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C) </num><heading style="-uslm-dtd:header">Auctioneer.—</heading><content style="-uslm-dtd:text">The foreclosure commissioner may serve as auctioneer, or, in accordance with regulations of the Secretary, may employ an auctioneer to be paid from the commission provided for in section 812(5).</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s811/b/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Eligible participants.—</heading> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s811/b/2/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">In general.—</heading><content style="-uslm-dtd:text">The Secretary, and any other person who has submitted a written one-price bid, may bid at the foreclosure sale.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s811/b/2/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">Prohibited participants.—</heading><content style="-uslm-dtd:text">The foreclosure commissioner or any relative, related business entity, or employee of the foreclosure commissioner or a related business entity shall not be permitted to bid in any manner on the security property subject to foreclosure sale, except that the foreclosure commissioner or an auctioneer may be directed by the Secretary to enter a bid on the Secretary's behalf.</content> </subparagraph> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s811/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Adjournment or Cancellation of Sale.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s811/c/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">General authority.—</heading><chapeau style="-uslm-dtd:text">The foreclosure commissioner may, before or at the time of the foreclosure sale, adjourn or cancel the foreclosure sale if the commissioner determines, in the commissioner's discretion, that—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s811/c/1/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">circumstances are not conducive to a sale which is fair to the mortgagor and the Secretary; or</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s811/c/1/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">additional time is necessary to determine whether the security property should be withdrawn from foreclosure, as provided in section 810.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s811/c/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Adjournment to same or later day.—</heading><content style="-uslm-dtd:text">The foreclosure commissioner may adjourn a foreclosure sale to a later hour the same day by announcing or posting the new time and place of the foreclosure sale, or may adjourn the foreclosure sale for not less than 9 and not more than 31 days, in which case the commissioner shall serve a notice of default and foreclosure sale revised to recite the fact that the foreclosure sale has been adjourned to a specified date, as well as any other information the foreclosure commissioner deems appropriate. Such notice shall be served by publication and mailing in accordance with section 809, except that publication may be made on any of 3 separate days before the revised date of foreclosure sale, and mailing may be made at any time not less than 7 days before the date to which the foreclosure sale has been adjourned.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s811/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Cash Deposits.—</heading><content style="-uslm-dtd:text">The foreclosure commissioner may require a bidder to make a cash deposit in an amount or percentage set by the foreclosure commissioner and stated in the notice of foreclosure sale before the bid is accepted. A successful bidder at the foreclosure sale who fails to comply with the terms of the sale may be required to forfeit the cash deposit or, at the election of the foreclosure commissioner after consultation with the Secretary, shall be liable to the Secretary for any costs incurred as a result of such failure.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s811/e" styleType="OLC"> <num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">Presumption of Validity of Sale.—</heading><content style="-uslm-dtd:text">Any foreclosure sale held in accordance with this title shall be conclusively presumed to have been conducted in a legal, fair, and reasonable manner. The sale price shall be conclusively presumed to be reasonable and equal to the fair market value of the property.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s812" styleType="OLC"> <num style="-uslm-dtd:enum" value="812">SEC. 812. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3761">12 U.S.C. 3761</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">FORECLOSURE COSTS. </heading> <subsection style="-uslm-dtd:subsection" styleType="OLC" role="undesignated-level"><chapeau style="-uslm-dtd:text">The following foreclosure costs shall be paid from the sale proceeds before satisfaction of any other claim to such sale proceeds:</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s812/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Advertising and postage.—</heading><content style="-uslm-dtd:text">Necessary advertising costs and postage incurred in giving notice pursuant to sections 809 and 811.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s812/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Mileage.—</heading><content style="-uslm-dtd:text">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, United States Code.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s812/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Title and lien search.—</heading><content style="-uslm-dtd:text">Reasonable and necessary costs incurred in connection with any search of title and lien records.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s812/4" styleType="OLC"> <num style="-uslm-dtd:enum" value="4">(4) </num><heading style="-uslm-dtd:header">Recordation fees.—</heading><content style="-uslm-dtd:text">Costs incurred to record documents.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s812/5" styleType="OLC"> <num style="-uslm-dtd:enum" value="5">(5) </num><heading style="-uslm-dtd:header">Commission.—</heading><content style="-uslm-dtd:text">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.</content> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s813" styleType="OLC"> <num style="-uslm-dtd:enum" value="813">SEC. 813. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3762">12 U.S.C. 3762</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">DISPOSITION OF SALE PROCEEDS. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s813/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Priority Payments.—</heading><chapeau style="-uslm-dtd:text">Money realized from a foreclosure sale shall be made available for obligation and expenditure in the following order:</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s813/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Costs of foreclosure.—</heading><content style="-uslm-dtd:text">To cover the costs of the foreclosure proceeding described in section 812.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s813/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Tax liens.—</heading><content style="-uslm-dtd:text">To pay valid tax liens or assessments if required by the notice of default and foreclosure sale.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s813/a/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Prior liens.—</heading><content style="-uslm-dtd:text">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.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s813/a/4" styleType="OLC"> <num style="-uslm-dtd:enum" value="4">(4) </num><heading style="-uslm-dtd:header">Service charges and advances.—</heading><content style="-uslm-dtd:text">To pay service charges and advances for taxes, assessments, and property insurance premiums.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s813/a/5" styleType="OLC"> <num style="-uslm-dtd:enum" value="5">(5) </num><heading style="-uslm-dtd:header">Interest.—</heading><content style="-uslm-dtd:text">To pay any outstanding interest.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s813/a/6" styleType="OLC"> <num style="-uslm-dtd:enum" value="6">(6) </num><heading style="-uslm-dtd:header">Principal.—</heading><content style="-uslm-dtd:text">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).</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s813/a/7" styleType="OLC"> <num style="-uslm-dtd:enum" value="7">(7) </num><heading style="-uslm-dtd:header">Late charges or fees.—</heading><content style="-uslm-dtd:text">To pay any late charges or fees.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s813/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Other Payments.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s813/b/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Other lienholders and the mortgagor.—</heading><chapeau style="-uslm-dtd:text">Any surplus of proceeds from a foreclosure sale, after payment of the items described in subsection (a) shall be paid in the following order:</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s813/b/1/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">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.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s813/b/1/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">Second, to the appropriate mortgagor.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s813/b/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Disputed claims.—</heading><content style="-uslm-dtd:text">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.</content> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s814" styleType="OLC"> <num style="-uslm-dtd:enum" value="814">SEC. 814. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3763">12 U.S.C. 3763</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">TRANSFER OF TITLE AND POSSESSION. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s814/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Delivery of Deeds.—</heading><content style="-uslm-dtd:text">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 title to assure the validity of the conveyance or confirmation of such conveyance.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s814/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Right of Possession.—</heading><content style="-uslm-dtd:text">A purchaser at a foreclosure sale held pursuant to this title 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 816. 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.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s814/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Death of Purchaser.—</heading><content style="-uslm-dtd:text">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.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s814/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Bona Fide Purchaser.—</heading><content style="-uslm-dtd:text">The purchaser of property under this title shall be presumed to be a bona fide purchaser.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s814/e" styleType="OLC"> <num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">No Right of Redemption.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s814/e/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">In general.—</heading><content style="-uslm-dtd:text">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 title.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s814/e/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Certain provisions.—</heading><content style="-uslm-dtd:text">Section 204(<i style="-uslm-dtd:italic">l</i>) of the National Housing Act and section 701 of the Department of Housing and Urban Development Reform Act of 1989 shall not apply to mortgages foreclosed under this title.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s814/f" styleType="OLC"> <num style="-uslm-dtd:enum" value="f">(f) </num><heading style="-uslm-dtd:header">Taxes.—</heading><content style="-uslm-dtd:text">When a mortgage foreclosed pursuant to this title 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.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s815" styleType="OLC"> <num style="-uslm-dtd:enum" value="815">SEC. 815. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3764">12 U.S.C. 3764</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">RECORD OF FORECLOSURE AND SALE. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s815/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Statements Included.—</heading><chapeau style="-uslm-dtd:text">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—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s815/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">the date, time, and place of the foreclosure sale;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s815/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">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;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s815/a/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">the particulars of the foreclosure commissioner's service of the notice of default and foreclosure sale in accordance with sections 809 and 811;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s815/a/4" styleType="OLC"> <num style="-uslm-dtd:enum" value="4">(4) </num><content style="-uslm-dtd:text">the date and place of filing the notice of default and foreclosure sale;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s815/a/5" styleType="OLC"> <num style="-uslm-dtd:enum" value="5">(5) </num><content style="-uslm-dtd:text">that the foreclosure was conducted in accordance with the provisions of this title and with the terms of the notice of default and foreclosure sale; and</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s815/a/6" styleType="OLC"> <num style="-uslm-dtd:enum" value="6">(6) </num><content style="-uslm-dtd:text">the sale amount.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s815/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Effect of Statements.—</heading><chapeau style="-uslm-dtd:text">The items set forth in subsection (a) shall—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s815/b/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">be prima facie evidence of the truth of such facts in any Federal or State court; and</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s815/b/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">evidence a conclusive presumption in favor of bona fide purchasers and encumbrancers for value without notice.</content> </paragraph><continuation style="-uslm-dtd:continuation-text" role="subsection">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.</continuation> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s815/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Recordation of Instruments.—</heading><content style="-uslm-dtd:text">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 title 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.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s816" styleType="OLC"> <num style="-uslm-dtd:enum" value="816">SEC. 816. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3765">12 U.S.C. 3765</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">EFFECT OF SALE. </heading> <subsection style="-uslm-dtd:subsection" styleType="OLC" role="undesignated-level"><chapeau style="-uslm-dtd:text">A sale, made and conducted as prescribed in this title to a bona fide purchaser, shall bar all claims upon, or with respect to, the property sold, for each of the following persons:</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s816/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Notice recipients.—</heading><content style="-uslm-dtd:text">Any person to whom the notice of default and foreclosure sale was mailed as provided in this title, and the heir, devisee, executor, administrator, successor, or assignee claiming under any such person.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s816/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Subordinate claimants with knowledge.—</heading><content style="-uslm-dtd:text">Any person claiming any interest in the property subordinate to that of the mortgage, if such person had actual knowledge of the foreclosure sale.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s816/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Nonrecorded claimants.—</heading><content style="-uslm-dtd:text">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 809(3), and the executor, administrator, or assignee of such a person.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s816/4" styleType="OLC"> <num style="-uslm-dtd:enum" value="4">(4) </num><heading style="-uslm-dtd:header">Other persons.—</heading><content style="-uslm-dtd:text">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.</content> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s817" styleType="OLC"> <num style="-uslm-dtd:enum" value="817">SEC. 817. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3766">12 U.S.C. 3766</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">COMPUTATION OF TIME. </heading> <content style="-uslm-dtd:text" class="block">Periods of time provided for in this title 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.</content> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s818" styleType="OLC"> <num style="-uslm-dtd:enum" value="818">SEC. 818. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3767">12 U.S.C. 3767</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">SEVERABILITY. </heading> <content style="-uslm-dtd:text" class="block">If any part of this title 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.</content> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/103/327/tVIII/s819" styleType="OLC"> <num style="-uslm-dtd:enum" value="819">SEC. 819. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3768">12 U.S.C. 3768</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">DEFICIENCY JUDGMENT. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s819/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s819/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Referral to attorney general.—</heading><content style="-uslm-dtd:text">If after deducting the payments provided for in section 813 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.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/103/327/tVIII/s819/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Other recoveries.—</heading><chapeau style="-uslm-dtd:text">In any action instituted pursuant to this section the United States may recover—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s819/a/2/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">any amount authorized by section 3011 of title 28, United States Code; and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/103/327/tVIII/s819/a/2/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">the costs of the action.</content> </subparagraph> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/103/327/tVIII/s819/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Limitation.—</heading><content style="-uslm-dtd:text">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.</content> </subsection> </section>