[Code of Federal Regulations]

[Title 24, Volume 1]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR27.1]



[Page 294-295]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 27_NONJUDICIAL FORECLOSURE OF MULTIFAMILY AND SINGLE FAMILY MORTGAGES

--Table of Contents

 

       Subpart A_Nonjudicial Foreclosure of Multifamily Mortgages

 

Sec.  27.1  Purpose.









       Subpart A_Nonjudicial Foreclosure of Multifamily Mortgages



Sec.

27.1 Purpose.

27.2 Scope and applicability.

27.3 Definitions.

27.5 Prerequisites to foreclosure.

27.10 Designation of a foreclosure commissioner.

27.15 Notice of default and foreclosure sale.

27.20 Conditions of foreclosure sale.

27.25 Termination or adjournment of foreclosure sale.

27.30 Conduct of the sale.

27.35 Foreclosure costs.

27.40 Disposition of sale proceeds.

27.45 Transfer of title and possession.

27.50 Management and disposition by the Secretary.



      Subpart B_Nonjudicial Foreclosure of Single Family Mortgages



27.100 Purpose, scope and applicability.

27.101 Definitions.

27.102 Designation of foreclosure commissioner and substitute 

          commissioner.

27.103 Notice of default and foreclosure sale.

27.105 Service of Notice of Default and Foreclosure Sale.



[[Page 295]]



27.107 Presale reinstatement.

27.109 Conduct of sale.

27.111 Adjournment or cancellation of sale.

27.113 Foreclosure costs.

27.115 Disposition of sales proceeds.

27.117 Transfer of title and possession.

27.119 Redemption rights.

27.121 Record of foreclosure and sale.

27.123 Deficiency judgment.



    Authority: 12 U.S.C. 1715b, 3701-3717, 3751-3768; 42 U.S.C. 1452b, 

3535(d).



    Source: 61 FR 48548, Sept. 13, 1996, unless otherwise noted.







    The purpose of this subpart is to implement requirements for the 

administration of the Multifamily Mortgage Foreclosure Act of 1981 (the 

Act) (12 U.S.C. 3701-3717), that clarify, or are in addition to, the 

requirements contained in the Act, which are not republished here and 

must be consulted in conjunction with the requirements of this subpart. 

The Act creates a uniform Federal remedy for foreclosure of multifamily 

mortgages. Under a delegation of authority published on February 5, 1982 

(47 FR 5468), the Secretary has delegated to the HUD General Counsel his 

powers under the Act to appoint a foreclosure commissioner or 

commissioners and to substitute therefor, to fix the compensation of 

commissioners, and to promulgate implementing regulations.