[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: 24CFR27.100]



[Page 299]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 27_NONJUDICIAL FORECLOSURE OF MULTIFAMILY AND SINGLE FAMILY MORTGAGES

--Table of Contents

 

      Subpart B_Nonjudicial Foreclosure of Single Family Mortgages

 

Sec.  27.100  Purpose, scope and applicability.





    (a) Purpose. The purpose of this subpart is to implement 

requirements for the administration of the Single Family Mortgage 

Foreclosure Act of 1994 (the Statute), 12 U.S.C. 3751-3768, that 

clarify, or are in addition to, the requirements contained in the 

Statute, which are not republished here and must be consulted in 

conjunction with the requirements of this subpart.

    (b) Scope. The Secretary may foreclose on any defaulted single 

family mortgage described in the Statute regardless of when the mortgage 

was executed.

    (c) Applicability. The Secretary may, at the Secretary's option, use 

other procedures to foreclose defaulted single family mortgages, 

including judicial foreclosure in State or Federal Court, and 

nonjudicial foreclosures under State law or any other Federal law. This 

subpart applies only to foreclosure procedures authorized by the Statute 

and not to any other foreclosure procedures the Secretary may use.



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