Section 3707 - Commencement of foreclosure; powers and duties of foreclosure commissioner or substitute(a) If the Secretary as holder of a multifamily mortgage determines that the prerequisites to foreclosure set forth in section 3705 of this title are satisfied, the Secretary may request the foreclosure commissioner to commence foreclosure of the mortgage. Upon such request, the foreclosure commissioner shall commence foreclosure of the mortgage, by commencing service of a notice of default and foreclosure sale in accordance with section 3708 of this title.(b) Subsequent to commencement of a foreclosure under this chapter, the Secretary may designate a substitute foreclosure commissioner at any time up to forty-eight hours prior to the time of foreclosure sale, and the foreclosure shall continue without prejudice, unless the substitute commissioner, in his or her sole discretion, finds that continuation of the foreclosure sale will unfairly affect the interests of the mortgagor. In the event that the substitute commissioner makes such a finding, the substitute commissioner shall cancel the foreclosure sale, or adjourn such sale in the manner provided in section 3710(c) of this title. Upon designation of a substitute foreclosure commissioner, a copy of the written notice of such designation referred to in section 3704 of this title shall be served upon the persons set forth in section 3708(1) of this title (1) by mail as provided in such section 3708 of this title (except that the minimum time periods between mailing and the date of foreclosure sale prescribed in such section shall not apply to notice by mail pursuant to this subsection), or (2) in any other manner, which in the substitute commissioner's sole discretion, is conducive to achieving timely notice of such substitution. In the event a substitute foreclosure commissioner is designated less than forty-eight hours prior to the time of the foreclosure sale, the pending foreclosure shall be terminated and a new foreclosure shall be commenced by commencing service of a new notice of default and foreclosure sale.Pub. L. 97-35, title III, §368, Aug. 13, 1981, 95 Stat. 425. - Secretary
- "Secretary" means the Secretary of Housing and Urban Development and the Secretary of Agriculture.
- mortgage
- "mortgage" means a deed of trust, mortgage, deed to secure debt, security agreement, or any other form of instrument under which any interest in property, real, personal or mixed, or any interest in property including leaseholds, life estates, reversionary interests, and any other estates under applicable State law, is conveyed in trust, mortgaged, encumbered, pledged, or otherwise rendered subject to a lien, for the purpose of securing the payment of money or the performance of an obligation;
- mortgagor
- "mortgagor" means the obligor, grantor, or trustor named in the mortgage agreement and, unless the context otherwise indicates, includes the current owner of record of the security property whether or not personally liable on the mortgage debt;
- multifamily mortgage
- "multifamily mortgage" means a mortgage held by the Secretary pursuant to-(A) section 608 or 801, or title II or X, of the National Housing Act [ 12 U.S.C. 1743, 1748, 1707 et seq., 1749aa et seq.];(B) section 312 of the Housing Act of 1964 [ 42 U.S.C. 1452b ], as it existed immediately before its repeal by section 289 of the Cranston-Gonzalez National Affordable Housing Act;(C) section 202 of the Housing Act of 1959 [ 12 U.S.C. 1701q ], as it existed immediately before its amendment by section 801 of the Cranston-Gonzalez National Affordable Housing Act;(D) section 202 of the Housing Act of 1959 [ 12 U.S.C. 1701q ], as amended by section 801 of the Cranston-Gonzalez National Affordable Housing Act; and(E) section 811 of the Cranston-Gonzalez National Affordable Housing Act [ 42 U.S.C. 8013 ].