[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: 24CFR27.2]



[Page 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.  27.2  Scope and applicability.



    (a) Under the Act and this subpart, the Secretary may foreclose on 

any defaulted Secretary-held multifamily mortgage encumbering real 

estate in any State. The Secretary may use the provisions of these 

regulations to foreclose on any multifamily mortgage regardless of when 

the mortgage was executed.

    (b) The Secretary may, at the Secretary's option, use other 

procedures to foreclose defaulted multifamily mortgages, including 

judicial foreclosure in Federal court and nonjudicial foreclosure under 

State law. This subpart applies only to foreclosure procedures 

authorized by the Act and not to any other foreclosure procedures the 

Secretary may use.