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.