Federal Multifamily Mortgage Foreclosure Act

Summary

Federal Multifamily Mortgage Foreclosure Act - Prescribes procedures for foreclosure of multifamily mortgages owned or held by the United States encumbering real estate located in any State. States that the United States may designate a foreclosure commissioner by executing a duly acknowledged written designation. Provides that such commissioner shall have a nonjudicial power of sale and that the owner or holder of the mortgage shall be a guarantor or payment of any judgment obtained by an interested party against the foreclosure commissioner's failure to properly perform his duties. States that foreclosure by the United States of a multifamily mortgage may be commenced upon the breach of a covenant or condition in the mortgage agreement for which foreclosure is authorized. Prescribes the notice of default and of foreclosure sale which must be given to the mortgagor before the foreclosure commissioner shall commence foreclosure. Requires that such notice be made by publication by mail, and by posting a copy of the notice of default and foreclosure in a prominent place at the premises to be sold. Allows for presale reinstatement where the entire amount of principal and interest is tendered before public auction. States that the foreclosure commissioner shall act as a fiduciary to both mortgagor and the United States and shall conduct the foreclosure sale in a manner fair to both parties. Sets procedures for the objection to foreclosure and for the conduct of a foreclosure sale. Provides for the disposition of sale proceeds including foreclosure costs and payment of prior liens. States that a foreclosure deed shall convey all of the right, title, and interest in the security property covered by the deed. Requires the foreclosure commissioner to establish sufficient records of foreclosure and sale.

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1 official file

• Introduced in House

  summary · EN · 4 January 1977

  Open at official source

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