Texas Commercial Law Firm

a. FDIC liens. The FDIC requires written consent to all foreclosures where the FDIC holds an inferior lien or owns the property. The FDIC further claims the right under 28 U.S.C. §210 to redeem the property for one year after foreclosure in the event it holds an inferior lien in its capacity as the FDIC (although it does not claim such right if it holds an inferior lien in its capacity as conservator or receiver).

b. RTC. Where the RTC holds title to property to be foreclosed, it requires notice at least 30 days prior to the foreclosure stating the time, date, place, and manner of sale. The RTC has 60 days to respond and in the event it does not respond within 60 days, it will be deemed to have consented to the sale. There are exceptions and variations on the RTC's requirement of notice and in the event either RTC ownership or an inferior RTC lien are discovered in preparing for any foreclosure proceeding, the most recent statement of policy should be reviewed.