12 U.S.C. § 3768 | Deficiency judgment

(a)

In general

(1)

Referral to Attorney General

section 3762 of this titleIf after deducting the payments provided for in , 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)

section 3011 of title 28 any amount authorized by ; 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 IISept. 28, 1994108 Stat. 2316(, , .)

Editorial Notes

Codification

July 13, 1994Pub. L. 103–327Section is based on section 819 of title VIII of S. 2281, One Hundred Third Congress, as reported , which was enacted into law by .