12 U.S.C. § 3768 — Deficiency judgment
submitted 32 years ago by Pub. L. 103-327 to r/title-12-BANKS-AND-BANKING · 154 words · no verdicts yet
This section permits the Secretary to refer a foreclosure deficiency to the Attorney General for collection, unless the mortgage forbids the action. It also allows recovery of specified amounts and sets a six-year deadline.
(a) Generally
(1) Referral to Attorney General If after deducting the payments provided for in section 3762 of this title , the price at which the security property* is sold at a foreclosure sale is less than the unpaid balance of the debt secured by the security property, resulting in a deficiency, the Secretary may refer the matter to the Attorney General who may start an action or actions against any or all debtors to recover the deficiency, unless such an action is specifically prohibited by the mortgage*.
(2) Other recoveries In any action instituted pursuant to this section the United States may recover—
(A) any amount authorized by section 3011 of title 28 ; and
(B) the costs of the action.
(b) Limitation Any action started to recover a deficiency under this section must be brought not later than 6 years after the date of the last sale of the security property.
If after deducting the payments provided for in section 3762 of this title, the price at which the security property* is sold at a foreclosure sale is less than the unpaid balance of the debt secured by the security property, resulting in a deficiency, the Secretary may refer the matter to the Attorney General who may commence an action or actions against any or all debtors to recover the deficiency, unless such an action is specifically prohibited by the mortgage*.
In any action instituted pursuant to this section the United States may recover—
any amount authorized by section 3011 of title 28; and
the costs of the action.
Any action commenced to recover a deficiency under this section must be brought not later than 6 years after the date of the last sale of the security property.
Source credit: (Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
- 1994Enacted · Pub. L. 103-327 · 108 Stat. 2316
A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-327 on 1994-09-28.
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