Title 12 — Banks and BankingRelease 119-73not60

§3714 Record of Foreclosure and Sale

Title 12 › Chapter 38— MULTIFAMILY MORTGAGE FORECLOSURE › § 3714

Last updated Apr 3, 2026|Official source

Summary

The foreclosure commissioner must make a clear record of the foreclosure and sale. In the deed or an attached affidavit, the commissioner must say that the mortgage was held by the Secretary; explain how the required notices of default and sale were given under the law; confirm the sale followed the chapter and the notice terms; list the exact foreclosure costs as the law requires; and name the winning bidder and the bid amount. The county recorder or other local official must accept those documents for recording when the usual recording fees are paid.

Full Legal Text

Title 12, §3714

Banks and Banking — Source: USLM XML via OLRC

(a)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 an affidavit or addendum to the deed stating—

(1)that the mortgage was held by the Secretary;

(2)the particulars of the foreclosure commissioner’s service of notice of default and foreclosure sale in accordance with section 3708 and 3710 of this title;

(3)that the foreclosure was conducted in accordance with the provisions of this chapter and with the terms of the notice of default and foreclosure sale;

(4)a correct statement of the costs of foreclosure, calculated in accordance with section 3711 of this title; and

(5)the name of the successful bidder and the amount of the successful bid.

(b)The deed executed by the foreclosure commissioner, the foreclosure commissioner’s affidavit and any other instruments submitted for recordation in relation to the foreclosure of the security property under this chapter 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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 3714

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60