12 U.S.C. § 3705

Prerequisites to foreclosure

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Foreclosure by the Secretary under this chapter of a multifamily mortgage may be commenced, as provided in section 3707 of this title, 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or nonjudicial, separately instituted by the Secretary to foreclose the mortgage other than under this chapter has been withdrawn, dismissed, or otherwise terminated.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 chapter. Nothing in this chapter 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 chapter shall preclude the Secretary from foreclosing under this chapter 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, 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.

Notes of Decisions

Cited in 3 cases, 2011–2012 · leading case: Nbc-usa Hous., Inc., Twenty-six v. Donovan, 774 F. Supp. 2d 277 (D.D.C. 2011).

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Nbc-usa Hous., Inc., Twenty-six v. Donovan, 774 F. Supp. 2d 277 (D.D.C. 2011). “See 12 U.S.C. § 3705 . The MMFA “create[s] a uniform Federal foreclosure remedy for multifamily mortgages.”

Nbc-usa Hous., Inc., Twenty-six v. Donovan, 674 F.3d 869 (D.C. Cir. 2012). “In May 2009, exercising its authority under the Mortgage Foreclosure Act to initiate nonjudicial foreclosure proceedings against Section 811 projects in default on their mortgages, see 12 U.S.C. §§ 3705 , 3707, HUD appointed Roy S.”

Nbc-Usa Hous., Inc, Twenty-Six v. Donovan (D.D.C. 2011). “See 12 U.S.C. § 3705 . The MMFA “create[s] a uniform Federal foreclosure remedy for multifamily mortgages.”

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