§ 27.1 Purpose
§ 27.2 Scope and applicability
§ 27.3 Definitions
§ 27.5 Prerequisites to foreclosure
§ 27.10 Designation of a foreclosure commissioner
§ 27.15 Notice of default and foreclosure sale
§ 27.20 Conditions of foreclosure sale
§ 27.25 Termination or adjournment of foreclosure sale
§ 27.30 Conduct of the sale
§ 27.35 Foreclosure costs
§ 27.40 Disposition of sale proceeds
§ 27.45 Transfer of title and possession
§ 27.50 Management and disposition by the Secretary
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Terms Used In CFR > Title 24 > Subtitle A > Part 27 > Subpart A - Nonjudicial Foreclosure of Multifamily Mortgages

  • Amortization: Paying off a loan by regular installments.
  • Appraisal: A determination of property value.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.