Single Family Mortgage Foreclosure Law and Legal Definition
Single family mortgage foreclosure is a federal statute, enacted in 1994. The term "single family mortgage" means a mortgage that covers a property on which there is a one to four members family residence. The Act authorizes for a single family mortgage foreclosure when there is:
1. Breach of a covenant or condition in the mortgage agreement; and
2. No other pending proceedings.
According to 12 USCS § 3761, the following foreclosure costs will be paid from the sale proceeds before satisfaction of any other claim to such sale proceeds:
1. Advertising and postage;
2.Mileage determined by the most reasonable road distance for posting notices and for the foreclosure commissioner's or auctioneer's attendance at the sale;
3.Reasonable and necessary costs incurred in connection with any search of title and lien records ;
4.Recordation fees Costs incurred to record documents.
Legal Definition list
- Single Family Dwelling House
- Single Environmental Review Document [Energy]
- Single Entity Approach (Tax)
- Single Date of Removal Doctrine
- Single Contract
- Single Family Mortgage Foreclosure
- Single Family Property Improvement Loan [HUD]
- Single Family Residence
- Single Filing Status
- Single Gathering (Gaming Law)
- Single Inventory Management
Related Legal Terms
- Adjustable Rate Mortgage
- Adjustable Rate Mortgage Caps
- Adjustable Rate Mortgage Loan
- Adolescent Family Life Act
- Alternative Dispute Resolution Procedures (Family Law)
- Alternative Mortgage Instruments (ATI)
- Alternative Mortgage Transaction [Banks & Banking]
- Amortized Mortgage
- Anaconda Mortgage
- Asset Integrated Mortgage
