§ 3756. — Commencement of foreclosure.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3756]
TITLE 12--BANKS AND BANKING
CHAPTER 38A--SINGLE FAMILY MORTGAGE FORECLOSURE
Sec. 3756. Commencement of foreclosure
(a) Request to foreclosure commissioner
If the Secretary, as holder of a single family mortgage, determines
that the prerequisites to foreclosure set forth in section 3755 of this
title are satisfied, the Secretary may request the foreclosure
commissioner to commence foreclosure of a single family mortgage. Upon
such request, the foreclosure commissioner shall commence foreclosure of
the mortgage, by commencing service of a notice of default and
foreclosure sale in accordance with sections 3757 and 3758 of this
title.
(b) Designation of substitute foreclosure commissioner
After commencement of a foreclosure under this chapter, the
Secretary may designate a substitute foreclosure commissioner at any
time before the time of the foreclosure sale, and the foreclosure shall
continue without prejudice, unless the substitute commissioner, in that
commissioner's sole discretion, finds that continuation of the
foreclosure sale will unfairly affect the interests of the mortgagor. If
the substitute commissioner makes such a finding, the substitute
commissioner shall cancel the foreclosure sale, or adjourn such sale in
accordance with section 3760(c) of this title.
(c) Written notice
Upon designation of a substitute foreclosure commissioner, a copy of
the written notice of such designation described in section 3754 of this
title shall be served--
(1) by mail, as provided in section 3758 of this title (except
that the minimum time periods between mailing and the date of
foreclosure sale prescribed in such section shall not apply); or
(2) in any other manner which, in the substitute commissioner's
sole discretion, is conducive to achieving timely notice of such
substitution.
(Pub. L. 103-327, title II, Sept. 28, 1994, 108 Stat. 2316.)
Codification
Section is based on section 807 of title VIII of S. 2281, One
Hundred Third Congress, as reported July 13, 1994, which was enacted
into law by Pub. L. 103-327.
Section Referred to in Other Sections
This section is referred to in sections 3758, 3759 of this title.
