12 U.S.C. § 3704 : US Code - Section 3704: Foreclosure commissioner; designation, duties, etc.

Search 12 U.S.C. § 3704 : US Code - Section 3704: Foreclosure commissioner; designation, duties, etc.

A foreclosure commissioner or commissioners designated pursuant
to this chapter shall have a nonjudicial power of sale as provided
in this chapter. Where the Secretary is the holder of a multifamily
mortgage, the Secretary may designate a foreclosure commissioner
and, with or without cause, may designate a substitute foreclosure
commissioner to replace a previously designated foreclosure
commissioner, by executing a duly acknowledged, written designation
stating the name and business or residential address of the
commissioner or substitute commissioner. The designation shall be
effective upon execution. Except as provided in section 3707(b) of
this title, a copy of the designation shall be mailed with each
copy of the notice of default and foreclosure sale served by mail
in accordance with section 3708(1) of this title. The foreclosure
commissioner, if a natural person, shall be a resident of the State
in which the security property is located and, if not a natural
person, the foreclosure commissioner must be duly authorized to
transact business under the laws of the State in which the security
property is located. The foreclosure commissioner shall be a person
who is responsible, financially sound and competent to conduct the
foreclosure. More than one foreclosure commissioner may be
designated. If a natural person is designated as foreclosure
commissioner or substitute foreclosure commissioner, such person
shall be designated by name, except that where such person is
designated in his or her capacity as an official or employee of the
government of the State or subdivision thereof in which the
security property is located, such person may be designated by his
or her unique title or position instead of by name. The Secretary
shall be a guarantor of payment of any judgment against the
foreclosure commissioner for damages based upon the commissioner's
failure properly to perform the commissioner's duties. As between
the Secretary and the mortgagor, the Secretary shall bear the risk
of any financial default by the foreclosure commissioner. In the
event that the Secretary makes any payment pursuant to the
preceding two sentences, the Secretary shall be fully subrogated to
the rights satisfied by such payment.