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

Summary

A foreclosure notice must say who the foreclosure commissioner is and give their address, and show the date the notice was sent. It must name the Secretary, the original lender if that lender is not the Secretary, and the original borrower. It must give the property's street address or a clear description that identifies it, and show the mortgage date and where it is recorded, including the liber number and folio or a similar record reference. The notice must explain the default that led to foreclosure, naming the earliest installment that was still completely unpaid when the notice was issued or describing any other defaults, and say that the debt has been accelerated. It must state the sale’s date, time, and place, say the sale is under this law, list the kinds of costs a buyer will pay when title transfers, say how much deposit is required at the sale and how to pay it (the Secretary does not have to make a deposit), explain when and how the balance must be paid, and include any other sale terms the Secretary requires.

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