Multifamily Mortgage Foreclosure Act of 1980

Summary

Multifamily Mortgage Foreclosure Act of 1980 - Authorizes the Secretary of the Department of Housing and Urban Development to foreclose multifamily mortgages held by the Secretary encumbering real estate located in any State. Sets forth procedures for the designation of a foreclosure commissioner or commissioners by the Secretary. Designates the Secretary as a guarantor of payment of any judgment against such commissioners. Permits a foreclosure by the Secretary to commence upon the breach of a covenant or condition in the mortgage agreement for which foreclosure is authorized under such mortgage. Specifies procedures for: (1) notice of default and foreclosure sale; (2) service of such notice; (3) presale reinstatement and cancellation of foreclosure; (4) conduct of a foreclosure sale; (5) disposition of foreclosure costs and sale proceeds; (6) transfer of title and possessions; and (7) recording the foreclosure and sale. Authorizes the Secretary to require, as a condition and term of sale, that the purchaser at a foreclosure sale under this Act agree to the continued operation of the security property in accordance with the appropriate loan program.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 26 June 1980

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.