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1 cause a breach of the peace; or (iii) all persons to be mailed 2 notice under subsections (b) (1), (2), and (3) of this 3 section request in writing that notice not be posted; or 4 (iv) the security property is vacant as of seven days or more 5 prior to the date of foreclosure sale.

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7

PRESALE REINSTATEMENT

SEC. 410. The foreclosure commissioner shall withdraw 8 the security property from foreclosure if before public auc9 tion is completed there is tendered to the foreclosure com10 missioner the entire amount of principal and interest which 11 would be due if payments under the mortgage had not been 12 accelerated, or in the case of foreclosure based upon a default 13 other than failure to make payments, if before the date of 14 foreclosure sale such default is cured, together with all 15 amounts of expenditures secured by the mortgage and all 16 costs of foreclosure incurred for which payment from the 17 proceeds of foreclosure is provided in section 413 of this title, 18 in which event the foreclosure shall be canceled and the 19 mortgage shall continue in effect as though acceleration, if 20 any, had not occurred: Provided, That the foreclosure com21 missioner shall have discretion to refuse to cancel the fore22 closure pursuant to this section 410 if the current mortgagor or owner of record has on two or more previous occasions caused a foreclosure of the mortgage commenced, pursuant

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to this title or otherwise, to be canceled by curing a default.

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ADJOURNMENT; OBJECTIONS TO FORECLOSURE

SEC. 411. (a) The foreclosure commissioner shall act

3 as a fiduciary to both the mortgagor and the mortgagee in 4 the performance of his duties under this title. The foreclosure 5 commissioner shall conduct the foreclosure sale in a manner 6 fair to both the mortgagor and the mortgagee. The fore7 closure commissioner shall attend the foreclosure sale in per8 son, or if there are two or more foreclosure commissioners, 9 one shall attend the foreclosure sale. In the event that no 10 foreclosure commissioner is a natural person, the foreclosure 11 commissioner shall cause its duly authorized employee to 12 attend the foreclosure sale to act on its behalf. The fore1:3 closure commissioner shall have discretion, prior to or at the 14 time of sale, to adjourn the foreclosure sale to a later hour 15 the same day without the giving of further notice, or to 16 adjourn the foreclosure sale for not less than nine nor more 17 than twenty-four days, in which case he shall serve a notice 18 of default and foreclosure sale which has been revised to 19 recite that the foreclosure sale has been adjourned to a 20 specified date and to include any corrections the foreclosure 21 commissioner deems appropriate. Such notice shall be served 22 by publication, mailing and posting in accordance with sec23 tion 409 of this title, except that publication may be made 24 on any of three separate days prior to the revised date of 25 foreclosure sale, and mailing may be made at any time seven

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1 days or more prior to the date to which the foreclosure sale

2 has been adjourned.

(b) Objections to the foreclosure may be submitted in 4 writing by any interested party to the foreclosure commis5 sioner at any time. If a mortgagor makes a written request 6 received by the foreclosure commissioner at least four days 7 prior to the foreclosure sale, the foreclosure commissioner 8 shall meet with the mortgagor to review any objections of 9 such mortgagor to the foreclosure, at a time and place desig10 nated by the foreclosure commissioner prior to the foreclosure 11 sale. The foreclosure commissioner may request a representa12 tive of the holder to attend such meeting.

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CONDUCT OF SALE

SEC. 412. The date of foreclosure sale of a one- to four15 family residential property shall not be prior to sixty days 16 after the due date of the earliest installment wholly unpaid 17 or the earliest occurrence of any unsecured nonmonetary de18 fault upon which foreclosure is based; provided, that the 19 said minimum period shall not be applicable where the 20 security property is vacant upon commencement of fore21 closure. Foreclosure sale pursuant to this title shall be at 22 public auction and shall be scheduled to begin between the 23 hours of 9 a.m. and 4 p.m. on a day other than Sunday or a public holiday as defined by either section 6103 (a) of 25 title 5, United States Code, or State law. The foreclosure

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1 sale shall be held at a location specified in the notice of 2 default and foreclosure sale which shall be a location where 3 foreclosure real estate auctions are customarily held in the or one of the counties in which the property to be

4 county 5 sold is

located, or at a courthouse therein, or at or on 6 the property to be sold. Sale of security property situated 7 in two or more counties may be held in any one of the 8 counties in which any part of the security property is 9 situated. Written one-price bids shall be accepted by the 10 foreclosure commissioner from the holder and other per11 sons for entry by announcement by the foreclosure com12 missioner at the sale. Any person other than the foreclosure 13 commissioner may bid at the foreclosure sale, including a 14 person who has submitted a written one-price bid. The 15 foreclosure commissioner may serve as auctioneer.

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FORECLOSURE COSTS

SEC. 413. The following foreclosure costs shall be paid 18 from the sale proceeds prior to satisfaction of any other 19 claim to such sale proceeds:

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(1) necessary advertising costs and postage in

21 curred in giving notice by publication and mail pursu

ant to sections 409 and 411 of this title;

(2) mileage for posting notices and for the foreclosure commissioner's attendance at the sale at the rate

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provided in section 1921 of title 28, United States Code,

for mileage by the most reasonable road distance;

(3) reasonable and necessary costs actually incurred in connection with any necessary search of title and lien records;

(4) necessary out-of-pocket costs incurred by the foreclosure commissioner to record documents; and

(5) a commission for the conduct of the foreclosure to the extent authorized by regulations issued in concert by the Secretaries of Housing and Urban Develop

ment and of Agriculture and the Administrators of the Veterans' Administration and the Small Business Administration.

DISPOSITION OF SALE PROCEEDS

SEC. 414. Money realized from a foreclosure sale shall 16 first be applied to cover the costs of foreclosure provided 17 for in section 413 of this title, then to pay any liens prior to 18 the mortgage which are required to be paid in conformity 19 with the terms of sale in the notice of default and foreclosure 20 sale, then to advancements for taxes and assessments and 21 expenditures for the necessary protection, preservation, and 22 repair of the security property as authorized under the mort23 gage agreement, and interest thereon if provided for in the 24 mortgage agreement, then to the interest and then the prin