Record of foreclosure and sale

12 U.S.C. § 3714

• Title: 12 — Banks and Banking
• Chapter: 38 — MULTIFAMILY MORTGAGE FORECLOSURE

Text

(a) To establish a sufficient record of foreclosure and sale, the foreclosure commissioner shall include in the recitals of the deed to the purchaser or prepare an affidavit or addendum to the deed stating—
(1) that the mortgage was held by the Secretary;
(2) the particulars of the foreclosure commissioner's service of notice of default and foreclosure sale in accordance with sections 3708 and 3710 of this title;
(3) that the foreclosure was conducted in accordance with the provisions of this chapter and with the terms of the notice of default and foreclosure sale;
(4) a correct statement of the costs of foreclosure, calculated in accordance with section 3711 of this title; and
(5) the name of the successful bidder and the amount of the successful bid.
(b) The deed executed by the foreclosure commissioner, the foreclosure commissioner's affidavit and any other instruments submitted for recordation in relation to the foreclosure of the security property under this chapter shall be accepted for recordation by the registrar of deeds or other appropriate official of the county or counties in which the security property is located upon tendering of payment of the usual recording fees for such instruments.

History

(Pub. L. 97–35, title III, §369F, Aug. 13, 1981, 95 Stat. 430.)