
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC3768]

 
                       TITLE 12--BANKS AND BANKING
 
             CHAPTER 38A--SINGLE FAMILY MORTGAGE FORECLOSURE
 
Sec. 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.)

                          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.
