12-U.S.C.-3755
§3755 – Prerequisites to Foreclosure
Pathway
Title 12 > Chapter 38A > Section 3755
Details
- Reference: Section 3755
- Legend: §3755 – Prerequisites to Foreclosure
- USCode Year: 2013
Provision Content
(a) In general
(1) Upon breach of covenant or condition
The Secretary is authorized to foreclose a mortgage under this chapter upon the breach of a covenant or condition in the mortgage agreement.
(2) No other pending proceedings
(A) Prior to commencement
No foreclosure may be commenced under this chapter unless any previously pending judicial or nonjudicial proceeding that has been separately instituted by the Secretary to foreclose the mortgage (other than under this chapter), has been withdrawn, dismissed, or otherwise terminated.
(B) After commencement
No separately instituted foreclosure proceeding on a mortgage which is the subject of a foreclosure proceeding under this chapter shall be instituted by the Secretary during the pendency of foreclosure pursuant to this chapter.
(b) Other rights unaffected
Nothing in this chapter shall preclude the Secretary from—
(1) enforcing any right, other than foreclosure, under applicable Federal or State law, including any right to obtain a monetary judgment; or
(2) foreclosing under this chapter if the Secretary has obtained or is seeking any other remedy available pursuant to Federal or State law, or under the mortgage agreement, including the appointment of a receiver, mortgagee-in-possession status, or relief under an assignment of rents.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
Codification
Section is based on section 806 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.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-3709 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-3709, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-3753 in the Legal Encyclopedia: Mortgage
In this entry about 12-U.S.C.-3753, find legal reference material, bibliographies and premiere content related to mortgage in the American Encyclopedia of Law, presenting a comprehensive view of the United States mortgage-specific issues, written by authorities in the field.
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