---
kind: "section"
citation: "12 U.S.C. § 3703"
title: "12"
title_heading: "Banks and Banking"
number: "3703"
heading: "Applicability"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/3703"
units:
  - "Chapter 38 — Multifamily Mortgage Foreclosure"
---

# §3703. Applicability


[Multifamily mortgages](/usc/12/3702.md?p=2) held by the [Secretary](/usc/12/3702.md?p=10) encumbering [real estate](/usc/12/1707.md?p=g) located in any [State](/usc/12/3702.md?p=8) may be foreclosed by the [Secretary](/usc/12/3702.md?p=10) in accordance with this chapter, or pursuant to other foreclosure procedures available, at the option of the [Secretary](/usc/12/3702.md?p=10). If the [Secretary](/usc/12/3702.md?p=10) forecloses on any such [mortgage](/usc/12/3702.md?p=1) pursuant to such other foreclosure procedures available, the provisions of [section 3706(b) of this title](/usc/12/3706.md?p=b) may be applied at the discretion of the [Secretary](/usc/12/3702.md?p=10).


## Source credit

(Pub. L. 97–35, title III, § 364, Aug. 13, 1981, 95 Stat. 423; Pub. L. 98–181, title I [title IV, § 471], Nov. 30, 1983, 97 Stat. 1237.)

## Notes

### Editorial Notes

### Amendments

1983—Pub. L. 98–181 inserted provision relating to application of section 3706(b) of this title in event of foreclosure under other foreclosure procedures.