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§ 3757. —  Notice of default and foreclosure sale.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC3757]

 
                       TITLE 12--BANKS AND BANKING
 
             CHAPTER 38A--SINGLE FAMILY MORTGAGE FORECLOSURE
 
Sec. 3757. Notice of default and foreclosure sale

    The notice of default and foreclosure sale to be served in 
accordance with this chapter shall set forth--
        (1) the name and address of the foreclosure commissioner;
        (2) the date on which the notice is issued;
        (3) the names of--
            (A) the Secretary;
            (B) the original mortgagee (if other than the Secretary); 
        and
            (C) the original mortgagor;

        (4) the street address or a description of the location of the 
    security property, and a description of the security property, 
    sufficient to identify the property to be sold;
        (5) the date of the mortgage, the office in which the mortgage 
    is recorded, and the liber number and folio or other appropriate 
    description of the location of recordation of the mortgage;
        (6) identification of the failure to make payment, including the 
    due date of the earliest installment payment remaining wholly unpaid 
    as of the date on which the notice is issued upon which the 
    foreclosure is based, or a description of any other default or 
    defaults upon which foreclosure is based, and the acceleration of 
    the secured indebtedness;
        (7) the date, time, and location of the foreclosure sale;
        (8) a statement that the foreclosure is being conducted pursuant 
    to this chapter;
        (9) a description of the types of costs, if any, to be paid by 
    the purchaser upon transfer of title;
        (10) the amount and method of deposit to be required at the 
    foreclosure sale (except that no deposit shall be required of the 
    Secretary) and the time and method of payment of the balance of the 
    foreclosure purchase price; and
        (11) any other appropriate terms of sale or information, as the 
    Secretary may determine.

(Pub. L. 103-327, title II, Sept. 28, 1994, 108 Stat. 2316.)

                          Codification

    Section is based on section 808 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 3756, 3758 of this title.



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