§ 3705. Prerequisites to foreclosure

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1981

   Multifamily Mortgage Foreclosure Act of 1981

   Pub. L. 97–35 title III § 366 · 95 Stat. 357

   Enacted · 12 U.S.C. § 3705

   Pub. L. 97–35, title III, § 366, Aug. 13, 1981, 95 Stat. 424

   Source evidence

   Code source credit
   Pub. L. 97–35, title III, § 366, Aug. 13, 1981, 95 Stat. 424

   Enacted provision · exact public law section
   Sec. 366. prerequisites to foreclosure Foreclosure by the Secretary under this part of a multifamily mortgage may be commenced, as provided in section 368, upon the breach of a covenant or condition in the mortgage agreement for which foreclosure is authorized under the mortgage, except that no such foreclosure may be commenced unless any previously pending proceeding, judicial or nonjudicial, separately instituted by the Secretary to foreclose the mortgage other than under this part has been withdrawn, dismissed, or otherwise terminated. No such separately instituted foreclosure proceeding on the mortgage shall be instituted by the Secretary during the pendency of foreclosure pursuant to this part. Nothing in this part shall preclude the Secretary from enforcing any right, other than foreclosure, under applicable State law, including any right to obtain a monetary judgment. Nothing in this part shall preclude the Secretary from foreclosing under this part where the Secretary has obtained or is seeking any other remedy available pursuant to Federal or State law or under the mortgage agreement, including, but not limited to, the appointment of a receiver, mortgagee-in-possession status or relief under an assignment of rents.

2. 1992

   Housing and Community Development Act of 1992

   Pub. L. 102–550 title V § 517(c) · 106 Stat. 3672

   Substituted · 12 U.S.C. § 3705

   Pub. L. 102–550 substituted “status, relief under an assignment of rents, or transfer to a nonprofit entity pursuant to section 1701q of this title or section 8013 of title 42” for “status or relief under an assignment of rents” in last sentence

   Source evidence

   Code amendment note
   Pub. L. 102–550 substituted “status, relief under an assignment of rents, or transfer to a nonprofit entity pursuant to section 1701q of this title or section 8013 of title 42” for “status or relief under an assignment of rents” in last sentence.

   Enacted provision · exact public law section
   (c) Prerequisites to Foreclosure.— The last sentence of section 366 of the Multifamily Mortgage Foreclosure Act of 1981 (12 U.S.C. 3705) is amended by striking “status” and all that follows through “rents” and inserting the following: “status, relief under an assignment of rents, or transfer to a nonprofit entity pursuant to section 202 of the Housing Act of 1959 (as amended by section 801 of the Cranston-Gonzalez National Affordable Housing Act) or section 811 of the Cranston-Gonzalez National Affordable Housing Act”.

2 of 2 references resolved to an enrolled provision