[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: 24CFR27.10]



[Page 295-296]

 

                 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.  27.10  Designation of a foreclosure commissioner.



    (a) When the Secretary determines that a multifamily mortgage should 

be foreclosed under the Act and this subpart, the General Counsel will 

select and designate one or more foreclosure commissioners to conduct 

the foreclosure and sale. The method of selection and determination of 

the qualifications of the foreclosure commissioner shall be at the 

discretion of the General Counsel, and the execution of a designation 

pursuant to paragraph (b) of this section shall be conclusive evidence 

that the commissioner selected has been determined to be qualified by 

the General Counsel.

    (b) After selection of a foreclosure commissioner, the General 

Counsel



[[Page 296]]



shall designate the commissioner in writing to conduct the foreclosure 

and sale of the particular multifamily mortgage. The written designation 

shall be duly acknowledged and shall state the name and business or 

residential address of the commissioner and any other information the 

General Counsel deems necessary. The designation shall be effective upon 

execution by the General Counsel or his designate. Upon receipt of the 

designation, the commissioner shall demonstrate acceptance by signing 

the designation and returning a signed copy to the General Counsel.

    (c) The General Counsel may at any time, with or without cause, 

designate a substitute commissioner to replace a previously designated 

commissioner. Designation of a substitute commissioner shall be in 

writing and shall contain the same information and be made effective in 

the same manner as the designation of the original commissioner. Upon 

designation of a substitute commissioner, the substitute commissioner 

shall serve a copy of the written notice of designation upon the persons 

listed at sections 369(1) (A) through (C) of the Act (12 U.S.C. 3708(1) 

(A) through (C)) either by mail, in accordance with section 369(1) of 

the Act (12 U.S.C. 3708(1)), except that the time limitations in that 

section will not apply, or by any other manner which in the substitute 

commissioner's discretion is conducive to giving timely notice of 

substitution.