§ 3768. — Deficiency judgment.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3768]
TITLE 12--BANKS AND BANKING
CHAPTER 38A--SINGLE FAMILY MORTGAGE FORECLOSURE
Sec. 3768. Deficiency judgment
(a) In general
(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 commence 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 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.
(Pub. L. 103-327, title II, Sept. 28, 1994, 108 Stat. 2316.)
Codification
Section is based on section 819 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.
