12 U.S.C. § 3755 — Prerequisites to foreclosure

(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) Before 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has been separately instituted by the Secretary to foreclose the mortgage (other than under this chapter), has been withdrawn, dismissed, or otherwise terminated.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 must be instituted by the Secretary during the pendency of foreclosure under 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 under 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.