Us Code § 3768 - Deficiency judgment
Full text of Us Code United States Code § 3768 — Deficiency judgment, with citation guidance and answers to common questions.
§ 3768. Deficiency judgment
(a) In general
(1) Referral to Attorney General
If after deducting the payments provided for in section 3762 of this title, the price at which the security property is sold at a foreclosure sale is less than the unpaid balance of the debt secured by the security property, resulting in a deficiency, the Secretary may refer the matter to the Attorney General who may commence an action or actions against any or all debtors to recover the deficiency, unless such an action is specifically prohibited by the mortgage.
(2) Other recoveries
In any action instituted pursuant to this section the United States may recover—
(A) any amount authorized by section 3011 of title 28; and
(B) the costs of the action.
(b) Limitation
Any action commenced to recover a deficiency under this section must be brought not later than 6 years after the date of the last sale of the security property.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
Editorial Notes
Codification
Section is based on section 819 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
CHAPTER 39—ALTERNATIVE MORTGAGE TRANSACTIONS
About This Section
12 U.S.C. § 3768 is part of Title 12 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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