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#2216799 - 07/01/19 04:37 PM No longer primary dwelling-foreclosure
elebra Offline
100 Club
Joined: Apr 2009
Posts: 106
We’ve been informed that a delinquent borrow left their house and moved somewhere else. The house we have mortgaged is no longer occupied. Are we required to wait 120 days to foreclose?

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Lending Compliance
#2216805 - 07/01/19 04:51 PM Re: No longer primary dwelling-foreclosure elebra
Inherent_Risk Offline
Gold Star
Joined: Jan 2017
Posts: 432
RESPA wouldn't require it. Not sure about any state law/contract issues.

1024.30(c)(2) - Comment 1

1. Principal residence. If a property ceases to be a borrower's principal residence, the procedures set forth in §§ 1024.39 through 1024.41 do not apply to a mortgage loan secured by that property. Determination of principal residence status will depend on the specific facts and circumstances regarding the property and applicable State law. For example, a vacant property may still be a borrower's principal residence.

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#2216817 - 07/01/19 06:42 PM Re: No longer primary dwelling-foreclosure elebra
elebra Offline
100 Club
Joined: Apr 2009
Posts: 106
Thank you for the reference! I really appreciate it!!

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