§3757 — Title 12 Banks and Banking | U.S. Code

Summary

A notice of default and foreclosure sale must list certain facts so people know why and how the property will be sold. The notice must give the foreclosure commissioner's name and address, the date the notice is issued, and the names of the Secretary, the original lender (if different), and the original borrower. It must identify the property by address or clear description, show the mortgage date and where it is recorded, explain the default (including the due date of the earliest unpaid installment when the notice is issued) and that the debt is accelerated, and give the sale’s date, time, and place. The notice must say the sale is under this chapter, list any buyer costs, state the deposit required and how to pay the balance (the Secretary does not have to make a deposit), and include any other sale terms the Secretary decides.

Title 12, §3757

Banks and Banking — Source: USLM XML via OLRC

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.

Editorial Notes

Codification 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.

§3757 Notice of default and foreclosure sale

Summary

Title 12, §3757

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata