Foreclosure Notice Requirement

The National Mortgage Settlement’s Pre-Foreclosure Notice Requirement for servicers

Servicers must now provide the homeowner with a pre-foreclosure notice  at least fourteen (14) days before referring the case to a foreclosure attorney.

*The notice must:

• Set forth facts supporting the Servicer’s or holder’s right to foreclose.
• Include an itemized summary setting forth account information (i.e. reinstatement amount/arrears, date of the last full payment, description of any late fees).
• Include a statement that upon written request the borrower may receive certain information (i.e.  payment history, copy of the note, copies of any assignment of the mortgage, the name of the investor that holds the loan).
• Include a statement outlining the loss mitigation efforts the service has undertaken before foreclosure.
• State why the borrower was denied a loan modification or other loss mitigation.
• Include contact information to obtain more information from servicer.
• Include contact information for counseling agencies.

We have seen several of this notices and believe that they provide useful information to homeowners and their attorneys.

Long Island Foreclosure Defense Attorneys

Call  the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620 today.

*The above is a partial list.