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12 U.S.C. · Banks and Banking
12 U.S.C. § 3705

Prerequisites to foreclosure

Ch. 38 — MULTIFAMILY MORTGAGE FORECLOSURE
Title 12 U.S.C. ● ACTIVE Primary Source Ch. 38
Statutory Text

12 U.S.C. § 3705 — Prerequisites to foreclosure

U.S.C. Title 12 - BANKS AND BANKING 12 U.S.C. United States Code, 2023 Edition Title 12 - BANKS AND BANKING CHAPTER 38 - MULTIFAMILY MORTGAGE FORECLOSURE Sec. 3705 - Prerequisites to foreclosure From the U.S. Government Publishing Office, www.gpo.gov

§3705. Prerequisites to foreclosure

Foreclosure by the Secretary under this chapter of a multifamily mortgage may be commenced, as provided in section 3707 of this title, upon the breach of a covenant or condition in the mortgage agreement for which foreclosure is authorized under the mortgage, except that no such foreclosure may be commenced unless any previously pending proceeding, judicial or nonjudicial, separately instituted by the Secretary to foreclose the mortgage other than under this chapter has been withdrawn, dismissed, or otherwise terminated. No such separately instituted foreclosure proceeding on the mortgage shall be instituted by the Secretary during the pendency of foreclosure pursuant to this chapter. Nothing in this chapter shall preclude the Secretary from enforcing any right, other than foreclosure, under applicable State law, including any right to obtain a monetary judgment. Nothing in this chapter shall preclude the Secretary from foreclosing under this chapter where the Secretary has obtained or is seeking any other remedy available pursuant to Federal or State law or under the mortgage agreement, including, but not limited to, the appointment of a receiver, mortgagee-in-possession status, relief under an assignment of rents, or transfer to a nonprofit entity pursuant to section 1701q of this title or section 8013 of title 42.

(Pub. L. 97–35, title III, §366, Aug. 13, 1981, 95 Stat. 424; Pub. L. 102–550, title V, §517(c), Oct. 28, 1992, 106 Stat. 3792.)

Editorial Notes

Amendments 1992—Pub. L. 102–550 substituted "status, relief under an assignment of rents, or transfer to a nonprofit entity pursuant to section 1701q of this title or section 8013 of title 42" for "status or relief under an assignment of rents" in last sentence.

Source: uscode.house.gov — public domain Official Source ↗
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12 U.S.C. § 3705
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The statutory text of 12 U.S.C. § 3705 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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← 12 U.S.C. § 3704 12 U.S.C. § 3706 →
Ch. 38 — MULTIFAMILY MORTGAGE FORECLOSURE
12 U.S.C. § 370112 U.S.C. § 370212 U.S.C. § 370312 U.S.C. § 370412 U.S.C. § 370512 U.S.C. § 370612 U.S.C. § 370712 U.S.C. § 370812 U.S.C. § 370912 U.S.C. § 371012 U.S.C. § 371112 U.S.C. § 371212 U.S.C. § 371312 U.S.C. § 371412 U.S.C. § 371512 U.S.C. § 371612 U.S.C. § 3717
12 U.S.C. — public domain ← All Legislation
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