[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: 24CFR27.117]



[Page 302-303]

 

                 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.  27.117  Transfer of title and possession.



    (a) If the Secretary is the successful bidder, the foreclosure 

commissioner shall issue a deed to the Secretary upon receipt of the 

amount needed to pay the costs of tax liens and prior liens, as set 

forth in 12 U.S.C. 3762(a)(2) and (a)(3). If the Secretary is not the 

successful bidder, the foreclosure commissioner shall issue a deed to 

the purchaser or purchasers upon receipt of the entire purchase price in 

accordance with the terms of the sale as provided in the Notice of 

Default and Foreclosure Sale.



[[Page 303]]



    (b) The register of deeds or other appropriate official in the 

county where the property is located shall, upon tendering of the 

customary recording fees, accept all instruments pertaining to the 

foreclosure which are submitted by the foreclosure commissioner for 

recordation. The instruments to be accepted shall include, but not be 

limited to, the foreclosure commissioner's deed. If the foreclosure 

commissioner elects to include the recitations required under the 

Statute (12 U.S.C. 3764) in an affidavit or an addendum to the deed, the 

affidavit or addendum shall be accepted along with the deed for 

recordation. The Clerk of the Court or other appropriate official shall 

cancel all liens as requested by the foreclosure commissioner.