§ 3710. — 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: 12USC3710]
TITLE 12--BANKS AND BANKING
CHAPTER 38--MULTIFAMILY MORTGAGE FORECLOSURE
Sec. 3710. Foreclosure sale
(a) Time of sale; public auction; location
The date of foreclosure sale set forth in the notice of default and
foreclosure sale shall not be prior to thirty days after the due date of
the earliest installment wholly unpaid or the earliest occurrence of any
uncured nonmonetary default upon which foreclosure is based. Foreclosure
sale pursuant to this chapter shall be at public auction, and shall be
scheduled to begin between the hours of 9 o'clock ante meridian and 4
o'clock post meridian local time on a day other than Sunday or a public
holiday as defined by section 6103(a) of title 5 or State law. The
foreclosure sale shall be held at a location specified in the notice of
default and foreclosure sale, which shall be a location where
foreclosure real estate auctions are customarily held in the county or
one of the counties in which the property to be sold is located, or at a
courthouse therein, or at or on the property to be sold. Sale of
security property situated in two or more counties may be held in any
one of the counties in which any part of the security property is
situated.
(b) Conduct of sale
The foreclosure commissioner shall conduct the foreclosure sale in
accordance with the provisions of this chapter and in a manner fair to
both the mortgagor and the Secretary. The foreclosure commissioner shall
attend the foreclosure sale in person, or, if there are two or more
commissioners, at least one shall attend the foreclosure sale. In the
event that no foreclosure commissioner is a natural person, the
foreclosure commissioner shall cause its duly authorized employee to
attend the foreclosure sale to act on its behalf. Written one-price
sealed bids shall be accepted by the foreclosure commissioner from the
Secretary and other persons for entry by announcement by the
commissioner at the sale. The Secretary and any other person may bid at
the foreclosure sale, including the Secretary or any other person who
has submitted a written one-price bid, except that the foreclosure
commissioner or any relative, related business entity or employee of
such commissioner or entity shall not be permitted to bid in any manner
on the security property subject to foreclosure sale. The foreclosure
commissioner may serve as auctioneer, or, in accordance with regulations
of the Secretary, may employ an auctioneer to be paid from the
commission provided for in section 3711(5) of this title.
(c) Adjournment or cancellation
The foreclosure commissioner shall have discretion, prior to or at
the time of sale, to adjourn or cancel the foreclosure sale if the
commissioner determines, in the commissioner's sole discretion, that
circumstances are not conducive to a sale which is fair to the mortgagor
and the Secretary or that additional time is necessary to determine
whether the security property should be withdrawn from foreclosure as
provided in section 3709 of this title. The foreclosure commissioner may
adjourn a sale to a later hour the same day without the giving of
further notice, or may adjourn the foreclosure sale for not less than
nine nor more than twenty-four days, in which case the commissioner
shall serve a notice of default and foreclosure sale revised to recite
that the foreclosure sale has been adjourned to a specified date and to
include any corrections the foreclosure commissioner deems appropriate.
Such notice shall be served by publication, mailing and posting in
accordance with section 3708 of this title, except that publication may
be made on any of three separate days prior to the revised date of
foreclosure sale, and mailing may be made at any time at least seven
days prior to the date to which the foreclosure sale has been adjourned.
(Pub. L. 97-35, title III, Sec. 369B, Aug. 13, 1981, 95 Stat. 428.)
Section Referred to in Other Sections
This section is referred to in sections 3707, 3709, 3711, 3714 of
this title.
