Federal Multifamily Mortgage Foreclosure Act

[AI summary unavailable — showing source text] Federal Multifamily Mortgage Foreclosure Act - Prescribes procedures for foreclosure of multifamily mortgages owned or held by the United States encumbering real estate located in any State. States that the United States may designate a foreclosure commissioner by executing a duly acknowledged written designation. Provides that such commissioner shall have a nonjudicial power of sale and that the owner or holder of the mortgage shall be a guarantor of payment of any judgment obtained by an interested party against the foreclosure commissioner's failure to properly perform his duties. States that foreclosure by the United States of a multifamily mortgage may be commenced upon the breach of a covenant or condition in the mortgage agreement for which foreclosure is authorized. Prescribes the notice of default and of foreclosure sale which must be given to the mortgagee before the foreclosure commissioner shall commence foreclosure. Requires that such notice be made by publication by mail, and by posting a copy of the notice of default and foreclosure in a prominent place at the premises to be sold. Allows for presale reinstatement where the entire amount of principal and interest is t…