12-U.S.C.-3757
§3757 – Notice of Default and Foreclosure Sale
Pathway
Title 12 > Chapter 38A > Section 3757
Details
- Reference: Section 3757
- Legend: §3757 – Notice of Default and Foreclosure Sale
- USCode Year: 2013
Provision Content
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.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
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.
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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