Page:United States Statutes at Large Volume 101 Part 3.djvu/651

 PUBLIC LAW 100-242—FEB. 5, 1988

101 STAT. 1949

subsequent to the foreclosure sale in connection with a Secretaryheld single family mortgage. The appropriate State official or the trustee, as the case may be, shall execute and deliver a deed or other appropriate instrument conveying title to the purchaser at the foreclosure sale, consistent with applicable procedures in the jurisdiction and without regard to any such right of redemption. "(2) The following actions shall be taken in order to verify title in the purchaser at the foreclosure sale: "(A) In the case of a judicial foreclosure in any Federal or State court, there shall be included in the petition and in the judgment of foreclosure a statement that the foreclosure is in accordance with this subsection and that there is no right of redemption in the mortgagor or any other person. "(B) In the case of a foreclosure pursuant to a power of sale provision in the mortgage, the statement required in subparagraph (A) shall be included in the advertisement of the sale and either in the recitals of the deed or other appropriate instrument conveying title to the purchaser at the foreclosure sale or in an affidavit or addendum to the deed. "(3) For purposes of this subsection: "(A) The term 'contract mortgagee' means a person or entity under a contract with the Secretary that provides for the assignment of a single-family mortgage from the Secretary to the person or entity for the purpose of pursuing foreclosure. "(B) the term 'mortgage' means a deed of trust, mortgage, deed to secure debt, security agreement, or any other form of instrument under which any interest in property, real, personal, or mixed, or any interest in property, including leaseholds, life estates, reversionary interests, and any other estates under applicable State law, is conveyed in trust, mortgaged, encumbered, pledged, or otherwise rendered subject to a lien, for the purpose of securing the payment of money or the performance of an obligation. "(C) The term 'Secretary-held single family mortgage' means a single-family mortgage held by the Secretary or by a contract mortgagee at the time of initiation of foreclosure that— "(i) was formerly insured by the Secretary under any section of this title; or "(ii) was taken by the Secretary as a purchase money mortgage in connection with the sale or other transfer of Secretary-owned property under any section of this title. "(D) The term 'single-family mortgage' means a mortgage that covers property on which is located a l-to-4 family residence.".

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SEC. 570. MISCELLANEOUS PROGRAMS TECHNICAL AMENDMENTS. (a) HUD ADMINISTRATIVE PROVISIONS.—

(1) Section 502(a) of the Housing Act of 1948 is amended by 12 USC 1701c. striking the fourth sentence. (2) Section 502(b) of the Housing Act of 1948 is amended— 42 USC I404a. (A) by striking "United States Housing Authority" each place it appears and inserting "Secretary of Housing and Urban Development"; and (B) by striking "the Authority" each place it appears and inserting "the Secretary of Housing and Urban Development'.

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