[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: 24CFR27.103]



[Page 300]

 

                 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.  27.103  Notice of default and foreclosure sale.



    (a) The foreclosure commissioner shall commence the foreclosure 

under the procedures set forth in the Statute.

    (b) The Notice of Default and Foreclosure Sale (Notice) shall 

include, in addition to the provisions as required by the Statute:

    (1) The foreclosure commissioner's telephone number;

    (2) A description of the security property sufficient to identify 

the property to be sold;

    (3) The date the mortgage was recorded;

    (4) Identification of the failure to make payment, including the 

entire amount delinquent as of a date specified, a statement generally 

describing the other costs that must be paid if the mortgage is to be 

reinstated, the due date of the earliest principal installment payment 

remaining wholly unpaid as of the date on which the notice is issued 

upon which the foreclosure is based, or a description of any other 

default or defaults upon which foreclosure is based, and the 

acceleration of the secured indebtedness; and

    (5) The bidding and payment requirements for the foreclosure sale, 

including the time and method of payment of the balance of the 

foreclosure purchase price, that all deposits and the balance of the 

purchase price shall be paid by certified or cashier's check, and that 

no deposit will be required of the Secretary when the Secretary bids at 

the foreclosure sale.