Title 12 — Banks and Banking
Chapter 38 — Multifamily Mortgage Foreclosure
§ 3711. Foreclosure costs
Statutory text
The following foreclosure costs shall be paid from the sale proceeds prior to satisfaction of any other claim to such sale proceeds:
necessary advertising costs and postage incurred in giving notice pursuant to sections 3708 and 3710 of this title;
mileage for posting notices and for the foreclosure commissioner’s attendance at the sale at the rate provided in section 1921 of title 28 for mileage by the most reasonable road distance;
reasonable and necessary costs actually incurred in connection with any necessary search of title and lien records;
necessary out-of-pocket costs incurred by the foreclosure commissioner to record documents; and
a commission for the foreclosure commissioner for the conduct of the foreclosure to the extent authorized by regulations issued by the Secretary.
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.
Multifamily Mortgage Foreclosure Act of 1981
Pub. L. 97–35 title III § 369C · 95 Stat. 357
Enacted · 12 U.S.C. § 3711
(Pub. L. 97–35, title III, § 369C, Aug. 13, 1981, 95 Stat. 429.)
Source evidence
Code source credit
(Pub. L. 97–35, title III, § 369C, Aug. 13, 1981, 95 Stat. 429.)Enacted provision · exact public law section
Sec. 369C. foreclosure costs The following foreclosure costs shall be paid from the 12 USC 3711. sale proceeds prior to satisfaction of any other claim to such sale proceeds: (1) necessary advertising costs and postage incurred in giving notice pursuant to sections 369 and 369B; (2) mileage for posting notices and for the foreclosure commissioner’s attendance at the sale at the rate provided in section 1921 of title 28, United States Code, for mileage by the most reasonable road distance; (3) reasonable and necessary costs actually incurred in connection with any necessary search of title and lien records; (4) necessary out-of-pocket costs incurred by the foreclosure commissioner to record documents; and (5) a commission for the foreclosure commissioner for the conduct of the foreclosure to the extent authorized by regulations issued by the Secretary.
1 of 1 references resolved to an enrolled provision