1 2 3 5 107 (b) The foreclosure deed or deeds shall convey all of the right, title, and interest in the security property covered by the deed which the holder, the foreclosure commissioner, the mortgagor, and any other persons claiming by, through, or under them, had on the date of execution of the mortgage, 6 together with all of the right, title, and interest thereafter ac7quired by any of them in such property to the hour of sale, 8 and no judicial proceeding shall be required ancillary to or 9 supplementary to the procedures provided for in this title to assure the validity of the conveyance or confirmation of such 10 12 13 conveyance. (c) A purchaser at the foreclosure sale held pursuant to this title shall be entitled to possession upon passage of title, 14 subject only to an interest or interests senior to that of the 15 mortgage, and any other person remaining in possession is thereafter shall be deemed a tenant at sufferance. 17 (d) There shall be no right of redemption, or right of 18 possession based upon right of redemption, in the mortgagor 19 or others subsequent to a foreclosure pursuant to this title of 20 a mortgage executed after the date this title is enacted into 21 law. The previous sentence shall not alter any right of 22 redemption under a mortgage executed prior to the date this 23 title is enacted into law. 24 25 (e) When conveyance is made to a department, agency or wholly owned corporation of the United States or to an 108 1 officer thereof acting for such a department, agency, or 2 corporation, no tax shall be imposed or collected with respect 3 to the foreclosure commissioner's deed, whether as a tax upon 4 the instrument or upon the privilege of conveying or transfer5 ring title to the property. Failure to collect or pay a tax of 6 the type and under the circumstances stated in the preceding 7 sentence shall not be ground for refusing to record such a 8 deed, for failing to recognize such recordation as imparting 9 notice, or for denying the enforcement of such a deed and its 10 provisions in any State or Federal court. 11 12 RECORD OF FORECLOSURE AND SALE SEC. 416. (a) The foreclosure commissioner, if needed 13 to establish a sufficient record of foreclosure and sale, shall 14 include in the recitals of the deed to the purchaser, or pre15 pare an affidavit or addendum to the mortgage respecting: (1) the fact that the mortgage was made, owned, insured, or guaranteed in whole or in part by a department, agency, or wholly owned corporation of the United States; 16 17 18 19 (2) the particulars of the foreclosure commissioner's service of notice of default and foreclosure sale in accord ance with sections 409 and 411 of this title; (3) the conformity of the conduct of the foreclosure sale with this title and with the terms of the notice of de fault and foreclosure sale; 6 109 (4) a correct statement of the costs of foreclosure, calculated in accordance with section 413 of this title; and (5) the name of the successful bidder and the amount of the successful bid. (b) The deed executed by the foreclosure commissioner, 7 foreclosure commissioner's affidavit, and any other instruments 8 submitted for recordation in relation to the foreclosure of 9 the security property under this title shall be accepted for 10 recordation by the registrar of deeds or other appropriate 11 official of the county or counties in which the security prop12 erty is located upon tendering of payment of the usual record13 ing fees for such instruments. 14 15 PROTECTION OF PROPERTIES SEC. 417. With respect to mortgages subject to this title 16 as provided in section 404 hereof, in the event the security 17 property is or becomes vacant at any time after the occur18 rence of a breach of a covenant or condition in the mortgage 19 agreement for which foreclosure is authorized under the mort20 gage, the holder shall be entitled (i) to make necessary 21 repairs and to take other reasonable steps to protect the 22 property against fire, vandalism, damage, waste and similar 23 risks, and entry upon the security property for such pur24 poses shall be privileged against all persons; and (ii) to 25 take possession of the security property pending foreclosure 27-051 O 74 11 110 1 by peaceable entry until such time as the mortgagor demands and represents that he intends to take immediate 3 possession, or foreclosure is commenced other than under this 4 title, or foreclosure pursuant to this title is completed, or the 5 security property is withdrawn from foreclosure pursuant to this title as provided in section 410 hereof, whichever first 7 occurs. Nothing in this section shall alter or limit any rights 8 to make repairs, take possession, or otherwise protect the 9 security property pending foreclosure which may otherwise 10 be available to the holder. 6 11 12 13 14 COMPUTATION OF TIME SEC. 418. Periods of time provided for in this title shall be calculated in consecutive calendar days including the day or days on which the actions or events occur or are to occur 15 for which the period of time is provided and including the 16 day on which an event occurs or is to occur from which the 17 period is to be calculated. 18 19 SEPARABILITY SEC. 419. If any clause, sentence, paragraph, or part of 20 this title shall, for any reason, he adjudged by any court of 21 competent jurisdiction to be invalid or invalid as applied to a class of cases, such judgment shall not affect, impair or invali23 date the remainder thereof and of this title, but shall be 24 confined in its operation to the clause, sentence, paragraph, 22 25 or part thereof directly involved in the controversy in which 26 such judgment shall have been rendered. SECTION-BY-SECTION SUMMARY HOUSING ACT OF 1973 TITLE I-DIRECT CASH ASSISTANCE Section 102. Findings and purpose Subsection (a) would set forth Congressional findings that: (1) Federal subsidized housing programs have not made an adequate contribution toward attaining "a decent home and suitable living environment for every American family" since that goal was adopted 25 years ago; (2) current Federal housing subsidy programs are wasteful and inequitable because they concentrate on the construction of new housing for an arbitrarily selected, very small percentage of families who need assistance; (3) current Federal housing subsidy programs often ignore the potential of utilizing available safe and sanitary existing housing; (4) by making housing subsidies available to families eligible for assistance only while they occupy a particular dwelling unit, or live in a particular housing project, these current Federal programs have tended to produce a concentration of families living in subsidized housing, and to deprive them of the enjoyment of the benefits of Federal housing assistance in safe and sanitary dwelling units of their own choosing and free of the stigma which often attaches to subsidized project occupants; (5) Federal assistance provided to those who cannot obtain safe and sanitary housing should be provided in a manner that allows those assisted to select safe and sanitary housing of their own choosing; (6) in most areas of the country there is a substantial stock of existing safe and sanitary housing suitable for use by families of low and moderate income; (7) a program of cash assistance payments which would provide low and moderate income families with that amount of assistance necessary to enable them to afford safe and sanitary housing of their choice could achieve substantial equity as among low and moderate income families with similar incomes, and substantial equity and the avoidance of work disincentives as among low and moderate income. families of differing income levels if properly related to other programs which also assist these families; and (8) the most promising way to enable all families to obtain decent housing at an acceptable cost appears to be direct cash assistance. Subsection (b) would set forth the purpose of the title as being the development of a better approach to meeting the housing needs of families who cannot obtain safe and sanitary housing without assistance and the determining of whether a policy of direct cash assistance (149) |