12 U.S.C. § 3710 : US Code - Section 3710: Foreclosure sale

Search 12 U.S.C. § 3710 : US Code - Section 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.