[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: 24CFR27.45]



[Page 299]

 

                 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.  27.45  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 listed in sections 369D (1) through (3) 

of the Act (12 U.S.C. 3712(1) through (3)). If the Secretary is not the 

successful bidder, the foreclosure commissioner shall issue a deed to 

the purchaser upon receipt of the entire purchase price and execution by 

the Secretary and the purchaser of any use agreement referred to in 

Sec.  27.20(e). Any covenants reflecting terms required by Sec.  27.20 

shall be contained in the commissioner's deed.

    (b) Subject to any terms required to be agreed to by Sec.  27.20, 

any commercial tenant and any residential tenant remaining in possession 

after the expiration of his or her lease or after the passage of one 

year, whichever event occurs first, shall be deemed a tenant at 

sufferance and may be evicted in accordance with applicable State or 

local law.