§ 3755. — Prerequisites to 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: 12USC3755]
TITLE 12--BANKS AND BANKING
CHAPTER 38A--SINGLE FAMILY MORTGAGE FORECLOSURE
Sec. 3755. Prerequisites to foreclosure
(a) In general
(1) Upon breach of covenant or condition
The Secretary is authorized to foreclose a mortgage under this
chapter upon the breach of a covenant or condition in the mortgage
agreement.
(2) No other pending proceedings
(A) Prior to commencement
No foreclosure may be commenced under this chapter unless
any previously pending judicial or nonjudicial proceeding that
has been separately instituted by the Secretary to foreclose the
mortgage (other than under this chapter), has been withdrawn,
dismissed, or otherwise terminated.
(B) After commencement
No separately instituted foreclosure proceeding on a
mortgage which is the subject of a foreclosure proceeding under
this chapter shall be instituted by the Secretary during the
pendency of foreclosure pursuant to this chapter.
(b) Other rights unaffected
Nothing in this chapter shall preclude the Secretary from--
(1) enforcing any right, other than foreclosure, under
applicable Federal or State law, including any right to obtain a
monetary judgment; or
(2) foreclosing under this chapter if the Secretary has obtained
or is seeking any other remedy available pursuant to Federal or
State law, or under the mortgage agreement, including the
appointment of a receiver, mortgagee-in-possession status, or relief
under an assignment of rents.
(Pub. L. 103-327, title II, Sept. 28, 1994, 108 Stat. 2316.)
Codification
Section is based on section 806 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 section 3756 of this title.
