§3704 Foreclosure commissioner; designation, duties, etc.

Summary

A foreclosure commissioner can sell a foreclosed property without going to court, under the rules in this chapter. When the Secretary holds a multifamily mortgage, the Secretary may pick a foreclosure commissioner and may replace that person at any time. The Secretary must sign a written, acknowledged notice that gives the commissioner’s name and address. The notice works as soon as it is signed. A copy of the notice must be mailed with each mailed notice of default and sale under section 3708(1), except as section 3707(b) says otherwise. The commissioner must live in the State where the property is, or, if a business, be allowed to do business there. The person or business must be responsible, financially sound, and able to do the job. More than one commissioner can be named. A natural person must be named, unless they are a state official and are named by their official title. The Secretary must pay any judgment against the commissioner for failing to do the job properly. The Secretary also takes the risk if the commissioner fails to pay. If the Secretary makes any such payment, the Secretary gets the rights that payment covers.