[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: 24CFR27.25]



[Page 298]

 

                 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.  27.25  Termination or adjournment of foreclosure sale.



    (a) Before withdrawing the security property from foreclosure under 

section 369A(a) of the Act (12 U.S.C. 3709(a)), the commissioner shall 

notify the Secretary of the proposed withdrawal by telephone or telegram 

and shall provide the Secretary with a written statement of the reasons 

for the proposed withdrawal along with all documents submitted by the 

mortgagor in support of the proposed withdrawal. Upon receipt of this 

statement, the Secretary shall have 10 days within which to demonstrate 

orally or in writing why the security property should not be withdrawn 

from foreclosure. The Secretary shall provide the mortgagor with a copy 

of any statement prepared by the Secretary in opposition to the proposed 

withdrawal at the same time the statement is submitted to the 

commissioner. If the Secretary receives the commissioner's written 

statement less than 10 days before the scheduled foreclosure sale, the 

sale shall automatically be postponed for 14 days. Under these 

circumstances, notice of the rescheduled sale shall be served as 

described in section 369B(c) of the Act (12 U.S.C. 3710(c)).

    (b) The commissioner may not withdraw the security property from 

foreclosure under section 369A(a) of the Act (12 U.S.C. 3709(a)) more 

than once unless the Secretary consents in writing to such withdrawal.

    (c) The commissioner shall, in the case of a sale adjourned to a 

later date, mail a copy of the revised Notice of Default and Foreclosure 

Sale to the Secretary at least seven days before the date to which the 

sale has been adjourned.

    (d) If upon application by the mortgagor, the commissioner refuses 

to withdraw the property from foreclosure under section 369A(a) of the 

Act (12 U.S.C. 3709(a)), the commissioner shall provide the mortgagor 

and the Secretary with a written statement of the reasons for the 

refusal.