12 U.S.C. § 3714 — Record of foreclosure and sale
submitted 45 years ago by Pub. L. 97-35 to r/title-12-BANKS-AND-BANKING · 197 words · no verdicts yet
A foreclosure commissioner must create a record stating key facts about the mortgage, notices, foreclosure, costs, and winning bidder. The foreclosure deed and related documents must be accepted for recording when ordinary recording fees are paid.
(a) To create a sufficient foreclosure-and-sale record, the foreclosure commissioner must put in the purchaser’s deed, or prepare an affidavit or deed addendum, stating (1) the mortgage was held by the Secretary; (2) details of service of default and sale notices under sections 3708 and 3710; (3) the foreclosure followed this chapter and the notice terms; (4) the correct foreclosure costs calculated under section 3711; and (5) the winning bidder’s name and bid amount. (b) The commissioner’s deed, affidavit, and other documents submitted for recording concerning foreclosure of the security property must be accepted by the county recorder or other proper official where the property is located when the usual recording fees are paid.
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—
that the mortgage was held by the Secretary;
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;
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;
a correct statement of the costs of foreclosure, calculated in accordance with section 3711 of this title; and
the name of the successful bidder and the amount of the successful bid.
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.
Source credit: (Pub. L. 97–35, title III, § 369F, Aug. 13, 1981, 95 Stat. 430.)
- 1981Enacted · Pub. L. 97-35 · 95 Stat. 430
A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-35 on 1981-08-13.
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