Before filing a notice of default an in-person interview must be held with the borrower to assess the borrower’s financial situation, provide borrower with list of HUD-certified credit counselors, explore options for borrower to avoid foreclosure, offer borrower if feasible, restructuring or other options, no filing of the notice of default until at least 30-days after the in-person meeting, notice of default to including declaration of the borrower meeting along with terms of existing mortgage and restructuring options offered subject to penalties of city attorney, district attorney or county counsel if declaration is false.
If notice of default already filed then must comply before notice of sale, conduct meeting in same language in which mortgage was negotiated, under conditions send borrower notice with specific language and in five languages, contact with borrower must be by e-mail, first class mail, telephone contact to be made at least three times at different hours on different days, follow certified mail requirements including content of letter if no contact with borrower, then if no contact file notice of default toll free number for borrower with a live person to answer within determined number of rings with 24-hour option telephone (cc2923.6)
Expect more measures like this at fed and state levels to crimp the flow of foreclosures. I do believe there will be nationalized lending and rewriting of loans within the next 12 months.
Expect more measures like this at fed and state levels to crimp the flow of foreclosures. I do believe there will be nationalized lending and rewriting of loans within the next 12 months.
Expect more measures like this at fed and state levels to crimp the flow of foreclosures. I do believe there will be nationalized lending and rewriting of loans within the next 12 months.
Expect more measures like this at fed and state levels to crimp the flow of foreclosures. I do believe there will be nationalized lending and rewriting of loans within the next 12 months.
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