Our board is questioning the compliance officers regarding when the bank can begin foreclosure proceedings and under all circumstances the bank can begin foreclosure. To keep it simple, CO stated that until mortgage customer is 120 days past due, bank could not begin foreclosure proceedings nor could it send out letters mentioning foreclosure. Where can I obtain the best and easiest to read information on this regulation? Perhaps a timeline also? Thank you

See 1024.41(f)

Also, a Google search on "120 day foreclosure rule" with give you lots of information.

You can refer prior to, but cant foreclose until 120. We refer at 90 days.

GrBp1006, what do you mean by "refer at 90 days"?

GrBp1006, what do you mean by "refer at 90 days"?

Prepare and send any final demands. prepare our foreclosure package to the attorney. We use outside legal, so this just helps us stay organized. The reinstatement amount is always given an expiration date of the 120th day of delinquency. This follows all agency and regulatory guidelines. We are Fannie/Freddie and have never had issues with them either.