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#2229239 - 01/16/20 07:33 PM Homeownership Counseling Act Coverage
Annie Offline
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Joined: Sep 2018
Posts: 27
Does the requirement to send a notice to borrowers who are 45+ days delinquent on a residential mortgage loan under the Homeownership Counseling Act (HOCA) apply to dwelling secured loans that are not otherwise secured by real estate, such as boats and RVs serving as the borrower's primary residence.

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Lending Compliance
#2229241 - 01/16/20 07:41 PM Re: Homeownership Counseling Act Coverage Annie
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,310
Galveston, TX
The term “residential property” means a 1-family residence, including a 1-family unit in a condominium project, a membership interest and occupancy agreement in a cooperative housing project, and a manufactured home and the lot on which the home is situated.
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#2229242 - 01/16/20 07:46 PM Re: Homeownership Counseling Act Coverage Annie
Annie Offline
Junior Member
Joined: Sep 2018
Posts: 27
Would you agree then that boats and RVs would be included as these can be considered a "1-family residence?"

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#2229244 - 01/16/20 07:52 PM Re: Homeownership Counseling Act Coverage Annie
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,310
Galveston, TX
It has to involve land.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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