Here's another new state requirement that I don't think many have caught on to yet. The new foreclosure rules in SB 5810 determined specific proceudres that need to be followed. But within the rule is a requirement to place a link regarding Foreclosure information on your bank's website Home page.
Not sure how this should look exactly yet. We will probably provide our info and link out to the HUD website (www.hud.gov/foreclosure
) for more info.
(e) The beneficiary or authorized agent shall post a link on the home page of the beneficiary's or authorized agent's internet web site,if any, to the following information:
(i) Options that may be available to borrowers who are unable to afford their mortgage payments and who wish to avoid foreclosure, and instructions to borrowers advising them on steps to take to explore those options;
(ii) A list of financial documents borrowers should collect and be prepared to present to the beneficiary or authorized agent when discussing options for avoiding foreclosure;
(iii) A toll-free telephone number or charge-free equivalent for borrowers who wish to discuss options for avoiding foreclosure with their beneficiary or authorized agent; and
(iv) The toll-free telephone number or charge-free equivalent made available by the department to find a department-certified housing counseling agency.