---
kind: "section"
citation: "12 U.S.C. § 3755"
title: "12"
title_heading: "Banks and Banking"
number: "3755"
heading: "Prerequisites to foreclosure"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/3755"
units:
  - "Chapter 38A — Single Family Mortgage Foreclosure"
---

# §3755. Prerequisites to foreclosure

- (a) **In general—**
  - (1) **Upon breach of covenant or condition—** The [Secretary](/usc/12/1715z–22a.md?p=4) is authorized to foreclose a [mortgage](/usc/12/3752.md?p=3) under this chapter upon the breach of a covenant or condition in the [mortgage agreement](/usc/12/3752.md?p=4).
  - (2) **No other pending proceedings—**
    - (A) **Prior to commencement—** No foreclosure may be commenced under this chapter unless any previously pending judicial or nonjudicial proceeding that has been separately instituted by the [Secretary](/usc/12/1715z–22a.md?p=4) to foreclose the [mortgage](/usc/12/3752.md?p=3) (other than under this chapter), has been withdrawn, dismissed, or otherwise terminated.
    - (B) **After commencement—** No separately instituted foreclosure proceeding on a [mortgage](/usc/12/3752.md?p=3) which is the subject of a foreclosure proceeding under this chapter shall be instituted by the [Secretary](/usc/12/1715z–22a.md?p=4) during the pendency of foreclosure pursuant to this chapter.
- (b) **Other rights unaffected—** Nothing in this chapter shall preclude the [Secretary](/usc/12/1715z–22a.md?p=4) from—
  - (1) enforcing any right, other than foreclosure, under applicable Federal or [State](/usc/12/3752.md?p=11) law, including any right to obtain a monetary judgment; or
  - (2) foreclosing under this chapter if the [Secretary](/usc/12/1715z–22a.md?p=4) has obtained or is seeking any other remedy available pursuant to Federal or [State](/usc/12/3752.md?p=11) law, or under the [mortgage agreement](/usc/12/3752.md?p=4), including the appointment of a receiver, [mortgagee](/usc/12/1707.md?p=b)-in-possession status, or relief under an assignment of rents.

## Source credit

(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)

## Notes

### Editorial Notes

### Codification

Section is based on section 806 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.