12 U.S.C. § 3709
Presale reinstatement
United States · Title 12 — BANKS AND BANKING · Status: effective
Cite this
- Citation
- 12 U.S.C. § 3709, Presale reinstatement, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/438574
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Full text
Except as provided in sections 3707(b) and 3710(c) of this title, the foreclosure commissioner shall withdraw the security property from foreclosure and cancel the foreclosure sale only if—
Prior to withdrawing the security property from foreclosure in the circumstances described in subsection (a)(2) or (a)(3), the foreclosure commissioner shall afford the Secretary a reasonable opportunity to demonstrate why the security property should not be so withdrawn.
In any case in which a foreclosure commenced under this chapter is canceled, the mortgage shall continue in effect as though acceleration had not occurred.
If the foreclosure commissioner cancels a foreclosure sale under this chapter a new foreclosure may be subsequently commenced as provided in this chapter.
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone.
- Omnibus Budget Reconciliation Act of 1981House: no recorded tallySenate: no recorded tally