Title 12, Banks and BankingRelease 119-102
§3711 Foreclosure Costs
Title 12 › CHAPTER 38 — MULTIFAMILY MORTGAGE FORECLOSURE › § 3711
Summary
Sale proceeds must first pay certain foreclosure costs before anyone else gets money. These include advertising and postage for required notices; mileage for posting notices and attending the sale at the rate in section 1921 of title 28; reasonable title-search and recording expenses; and a commissioner fee set by the Secretary’s rules.
Full Legal Text
Title 12, §3711
Banks and Banking, Source: USLM XML via OLRC
The following foreclosure costs shall be paid from the sale proceeds prior to satisfaction of any other claim to such sale proceeds:
(1)necessary advertising costs and postage incurred in giving notice pursuant to section 3708 and 3710 of this title;
(2)mileage for posting notices and for the foreclosure commissioner’s attendance at the sale at the rate provided in section 1921 of title 28 for mileage by the most reasonable road distance;
(3)reasonable and necessary costs actually incurred in connection with any necessary search of title and lien records;
(4)necessary out-of-pocket costs incurred by the foreclosure commissioner to record documents; and
(5)a commission for the foreclosure commissioner for the conduct of the foreclosure to the extent authorized by regulations issued by the Secretary.
Reference
Citations & Metadata
Citation
12 U.S.C. § 3711
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102