§3710 Foreclosure Sale

Summary

Sets rules for when and how a foreclosure auction must happen. The sale date must be at least 30 days after the earliest missed payment or the first uncured nonmoney default. The auction must be public, start between 9:00 a.m. and 4:00 p.m. local time, and not fall on a Sunday or a public holiday under federal or state law. It must be held where real estate auctions are usually held in the county, at a courthouse, or on the property. If the property is in more than one county, the sale can be in any one of those counties. A foreclosure commissioner runs the sale and must be fair to the borrower and the Secretary. At least one commissioner (or an authorized employee if the commissioner is a non‑person entity) must attend in person. The commissioner accepts written one‑price sealed bids from the Secretary and others and announces bids at the sale. The Secretary and other people may bid, but the commissioner, the commissioner’s relatives, related businesses, or employees may not bid. The commissioner can act as auctioneer or hire one and be paid from the commission allowed by law. The commissioner may cancel or postpone the sale if it would be unfair or if more time is needed. A same‑day delay to a later hour needs no new notice. If the sale is postponed for 9 to 24 days, a revised notice must be published, mailed, and posted; publication can be on any of three separate days before the new date, and mailing must be at least 7 days before that date.