12 U.S.C. § 3754: Designation of foreclosure…

Summary

The Secretary may appoint one or more people to act as foreclosure commissioners to handle the foreclosure of a single-family mortgage. A commissioner will have the authority to sell the property without going to court. If the commissioner is a person, they must live in the state where the property is located. If the commissioner is a company, it must be allowed to do business in that state. Commissioners must be responsible, financially sound, and able to run a foreclosure. The appointment must be in writing with name and address, though an official acting for a government or company can be named by title. The Secretary can replace commissioners at any time.

Title 12, §3754

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(a)In general

The Secretary may designate a person or persons to serve as a foreclosure commissioner or commissioners for the purpose of foreclosing upon a single family mortgage.

(b)Power of sale

A foreclosure commissioner designated under this section shall have a nonjudicial power of sale.

(c)Qualifications

The foreclosure commissioner, if a natural person, shall be a resident of the State in which the security property is located and, if not a natural person, the foreclosure commissioner must be duly authorized to transact business under laws of the State in which the security property is located. No person shall be designated as a foreclosure commissioner unless that person is responsible, financially sound, and competent to conduct a foreclosure.

(d)Designation procedure

(1)Written designation

The Secretary may designate a foreclosure commissioner by executing a written designation stating the name and business or residential address of the commissioner, except that if a person is designated in his or her capacity as an official or employee of a government or corporate entity, such person may be designated by his or her unique title or position instead of by name.

(2)Substitute commissioners

The Secretary may, with or without cause, designate a substitute foreclosure commissioner to replace a previously designated foreclosure commissioner.

(3)Number

More than 1 foreclosure commissioner may be designated at any time.

Editorial Notes

Codification Section is based on section 805 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.

§3754 Designation of Foreclosure Commissioner

Summary

Title 12, §3754

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata