§ 3708. — Service of notice of default and foreclosure sale.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3708]
TITLE 12--BANKS AND BANKING
CHAPTER 38--MULTIFAMILY MORTGAGE FORECLOSURE
Sec. 3708. Service of notice of default and foreclosure sale
The foreclosure commissioner shall serve the notice of default and
foreclosure sale provided for in section 3706 of this title upon the
following persons and in the following manner, and no additional notice
shall be required to be served notwithstanding any notice requirements
of any State or local law--
(1) The notice of default and foreclosure sale, together with
the designation required by section 3704 of this title, shall be
sent by certified or registered mail, postage prepaid and return
receipt requested, to the following persons:
(A) the current security property owner of record, as the
record exists forty-five days prior to the date originally set
for foreclosure sale, whether or not the notice describes a sale
adjourned as provided in this chapter;
(B) the original mortgagor and all subsequent mortgagors of
record or other persons who appear of record or in the mortgage
agreement to be liable for part or all of the mortgage debt, as
the record exists forty-five days prior to the date originally
set for foreclosure sale, whether or not the notice describes a
sale adjourned as provided in this chapter, except any such
mortgagors or persons who have been released; and
(C) all persons holding liens of record upon the security
property, as the record exists forty-five days prior to the date
originally set for foreclosure sale, whether or not the notice
describes a sale adjourned as provided in this chapter.
Notice under clauses (A) and (B) of this paragraph shall be mailed
at least twenty-one days prior to the date of foreclosure sale, and
shall be mailed to the owner or mortgagor at the address stated in
the mortgage agreement, or, if none, to the address of the security
property, or, at the discretion of the foreclosure commissioner, to
any other address believed to be that of such owner or mortgagor.
Notice under clause (C) of this paragraph shall be mailed at least
ten days prior to the date of foreclosure sale, and shall be mailed
to each such lienholder's address as stated of record or, at the
discretion of the foreclosure commissioner, to any other address
believed to be that of such lienholder. Notice by mail pursuant to
this subsection or section 3707(b) of this title shall be deemed
duly given upon mailing, whether or not received by the addressee
and whether or not a return receipt is received or the letter is
returned.
(2) A copy of the notice of default and foreclosure sale shall
be published, as provided herein, once a week during three
successive calendar weeks, and the date of last publication shall be
not less than four nor more than twelve days prior to the sale date.
The information included in the notice of default and foreclosure
sale pursuant to section 3706(a)(4) of this title may be omitted, in
the foreclosure commissioner's discretion, from the published
notice. Such publication shall be in a newspaper or newspapers
having general circulation in the county or counties in which the
security property being sold is located. To the extent practicable,
the newspaper or newspapers chosen shall be a newspaper or
newspapers, if any is available, having circulation conducive to
achieving notice of foreclosure by publication. Should there be no
newspaper published at least weekly which has a general circulation
in one of the counties in which the security property being sold is
located, copies of the notice of default and foreclosure sale shall
be posted in at least three public places in each such county at
least twenty-one days prior to the date of sale.
(3) A copy of the notice of default and foreclosure sale shall
be posted in a prominent place at or on the real property to be sold
at least seven days prior to the foreclosure sale, and entry upon
the premises for this purpose shall be privileged as against all
persons. If the property consists of two or more noncontiguous
parcels of land, a copy of the notice of default and foreclosure
sale shall be posted in a prominent place on each such parcel. If
the security property consists of two or more separate buildings, a
copy of the notice of default and foreclosure sale shall be posted
in a prominent place on each such building. Posting at or on the
premises shall not be required where the foreclosure commissioner,
in the commissioner's sole discretion, finds that the act of posting
will likely cause a breach of the peace or that posting may result
in an increased risk of vandalism or damage to the property.
(Pub. L. 97-35, title III, Sec. 369, Aug. 13, 1981, 95 Stat. 426.)
Section Referred to in Other Sections
This section is referred to in sections 3704, 3707, 3710, 3711, 3714
of this title.
