Skip to content
BOL Conferences
Page 2 of 3 1 2 3
Thread Options
#650257 - 12/11/06 06:42 PM Re: Mortgage and Foreclosure Rights Notice upstateNY
Hated By Some Offline
10K Club
Hated By Some
Joined: Aug 2005
Posts: 13,603
Somewhere vanilla
Originally Posted By: upstateNY
Originally Posted By: Andy Z
Back to my post of 11-17, how is this different than the notice being sent now? The law seemed to track back to that.


Andy, it appears that the required notice (Attachment 1)would need to be sent. In addition, the toll free number is different. Other than that, the basic requirements seem to be the same.

The problem is that we will go from being able to provide the simple HUD statement and toll free number, to the lengthy notice of rights.

But, perhaps I'm simplifying this too much.

that's what i draw from this as well. i drafted a combined "regular" notice/SCRA notice which is 95% SCRA going by letters used in the document.

Return to Top
Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#652027 - 12/14/06 03:11 PM Re: Mortgage and Foreclosure Rights Notice upstateNY
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
My take is this: It applies to any mortgage that might have rights under the SCRA. To be safe, you would likely need to send both the HUD counseling letter AND this letter stating service members rights and their exclusive 800 number when a loan is in default...maximum delay 44 days.

This can't take place of the regular HUD letter, as non-service members would not be able to use the number or the information/rights contained in this SCRA-specific letter.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#652109 - 12/14/06 04:24 PM Re: Mortgage and Foreclosure Rights Notice RR Joker
kira Offline
100 Club
Joined: Jul 2006
Posts: 219
anyone have the link to HUD couselling letter and number?

Return to Top
#652141 - 12/14/06 05:04 PM Re: Mortgage and Foreclosure Rights Notice kira
Reads Regs Offline
Diamond Poster
Joined: Nov 2004
Posts: 2,310
_________________________
Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

Return to Top
#652144 - 12/14/06 05:09 PM Re: Mortgage and Foreclosure Rights Notice Reads Regs
Bullseye Offline
Platinum Poster
Bullseye
Joined: Jan 2004
Posts: 968
Just saw this thread....

I called HUD as well since their letter was a little, um, vauge. They said it should be sent to all mortgage loan customers in conjunction with the current notice, not just customers that have invoked their rights under SCRA. Also, he stated that it would go to all loans secured with a primary dwelling, regardless of lien position.

Return to Top
#653663 - 12/18/06 05:53 PM Re: Mortgage and Foreclosure Rights Notice Bullseye
4newt Offline
Gold Star
Joined: Nov 2003
Posts: 277
East Texas
So I'm assuming (!?!?) that I could logically make a copy of Attachment 1 of HUD's Mortgage letter 2006-28 and send it with my past due letters as a second page?

Return to Top
#653728 - 12/18/06 07:02 PM Re: Mortgage and Foreclosure Rights Notice 4newt
Gotwood Offline
Platinum Poster
Joined: May 2001
Posts: 715
yes, but be sure to include the bank's name, address, and contact information under the heading How Does a Servicemember or Dependent Request Relief under the SCRA?

Return to Top
#654099 - 12/19/06 04:07 PM Re: Mortgage and Foreclosure Rights Notice Gotwood
4newt Offline
Gold Star
Joined: Nov 2003
Posts: 277
East Texas
Good Point!~!

Return to Top
#663595 - 01/09/07 08:42 PM Re: Mortgage and Foreclosure Rights Notice upstateNY
Obi Offline
100 Club
Joined: Oct 2004
Posts: 186
Does this new notice replace the HUD Homeownership Counseling notice or is it sent in addition to the other notice?

Return to Top
#663730 - 01/09/07 11:01 PM Re: Mortgage and Foreclosure Rights Notice Bullseye
Snowgirl Offline
Platinum Poster
Joined: Sep 2003
Posts: 730
I have looked at the Attachment 1 Page 6; does this mean you need to include that entire page? Or just a portion of that page?

Return to Top
#665034 - 01/11/07 07:51 PM Re: Mortgage and Foreclosure Rights Notice Snowgirl
JohnDoe Offline
100 Club
Joined: May 2005
Posts: 140
under the letter issued it includes --
All mortgages loans, including conventional mortgages and mortgages insured by HUD are subject to the notification requirement....

does this mean this notification could also required on business loans?

Return to Top
#665052 - 01/11/07 08:10 PM Re: Mortgage and Foreclosure Rights Notice Obi
Sinatra Fan Offline
Power Poster
Sinatra Fan
Joined: Jul 2002
Posts: 5,568
New Jersey
Originally Posted By: Obi
Does this new notice replace the HUD Homeownership Counseling notice or is it sent in addition to the other notice?


In addition to the homeownership counseling notice.
_________________________
Management is doing things right; leadership is doing the right things. Peter Drucker

Return to Top
#665057 - 01/11/07 08:13 PM Re: Mortgage and Foreclosure Rights Notice Snowgirl
Sinatra Fan Offline
Power Poster
Sinatra Fan
Joined: Jul 2002
Posts: 5,568
New Jersey
Originally Posted By: Snowgirl
I have looked at the Attachment 1 Page 6; does this mean you need to include that entire page? Or just a portion of that page?


The entire page. Don't forget to complete the section ": Lender should place its name, address and contact information here)."
_________________________
Management is doing things right; leadership is doing the right things. Peter Drucker

Return to Top
#665068 - 01/11/07 08:21 PM Re: Mortgage and Foreclosure Rights Notice JohnDoe
Sinatra Fan Offline
Power Poster
Sinatra Fan
Joined: Jul 2002
Posts: 5,568
New Jersey
Originally Posted By: JohnDoe
under the letter issued it includes --
All mortgages loans, including conventional mortgages and mortgages insured by HUD are subject to the notification requirement....

does this mean this notification could also required on business loans?


Note the following section of the notice (emphases mine):

What Legal Protections Are Servicemembers Entitled To Under the SCRA?

• The SCRA states that, a debt incurred by a servicemember, or servicemember and spouse jointly, prior to entering military service shall not bear interest at a rate above 6 percent during the period of military service.
• The SCRA states that, in a legal action to enforce a debt against real estate that is filed during, or within 90 days after the servicemember’s military service, a court may stop the proceedings for a period of time, or adjust the debt. In addition, the sale, foreclosure, or seizure of real estate shall not be valid if it occurs during, or within 90 days after the servicemember’s military service unless the creditor has obtained a court order approving the sale, foreclosure, or seizure of the real estate.
The SCRA contains many other protections besides those applicable to home loans.


It appears to me that any real estate secured loan might very well fall under this notification requirement.
Last edited by Steve Hoogerhyde; 01/11/07 08:25 PM.
_________________________
Management is doing things right; leadership is doing the right things. Peter Drucker

Return to Top
#668568 - 01/19/07 03:03 PM Re: Mortgage and Foreclosure Rights Notice upstateNY
notuntermywatch Offline
Gold Star
Joined: Jun 2006
Posts: 392
MN
Are both of these notices just related to primary dwelling loans, or any loan that is secured by a 1-4 family dwelling?

Return to Top
#668718 - 01/19/07 04:37 PM Re: Mortgage and Foreclosure Rights Notice notuntermywatch
Sinatra Fan Offline
Power Poster
Sinatra Fan
Joined: Jul 2002
Posts: 5,568
New Jersey
Any loan secured by 1-4 family dwelling.
_________________________
Management is doing things right; leadership is doing the right things. Peter Drucker

Return to Top
#680534 - 02/06/07 03:24 PM Re: Mortgage and Foreclosure Rights Notice Sinatra Fan
pfh Offline
Member
Joined: Jan 2006
Posts: 61
This is already effective, correct? I have a whole folder of info printed on this and can't seem to put my finger on the effective date.

Thanks!

Return to Top
#680672 - 02/06/07 04:31 PM Re: Mortgage and Foreclosure Rights Notice pfh
Sinatra Fan Offline
Power Poster
Sinatra Fan
Joined: Jul 2002
Posts: 5,568
New Jersey
Correct.
_________________________
Management is doing things right; leadership is doing the right things. Peter Drucker

Return to Top
#680688 - 02/06/07 04:38 PM Re: Mortgage and Foreclosure Rights Notice Sinatra Fan
pfh Offline
Member
Joined: Jan 2006
Posts: 61
Thanks! I guess I better get this notice implemented.

Return to Top
#684836 - 02/10/07 08:36 PM Re: Mortgage and Foreclosure Rights Notice pfh
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,763
On the Net
FYI HUD has this out for comment with comments due by 04-03-07, Docket No. FR-5121-N-06. FR 02-02-07, Vol 72, No. 22, Pg 5071) I was confused when reading it about what it was for, and the response was that we could comment on any facet of the requirement.

Personally, so long as there wouldn't be an over-disclosure issue I'd like to see the notices combined so one could be sent meeting all the requirements. That may be worth mentioning.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#700377 - 03/13/07 02:59 PM Re: Mortgage and Foreclosure Rights Notice Andy_Z
Snowgirl Offline
Platinum Poster
Joined: Sep 2003
Posts: 730
Would this apply to Agriculture loans? We have a lot of farmers where we take the whole farm as collateral including the dwelling. Thanks for any guidance!

Return to Top
#712323 - 04/05/07 09:59 PM Re: Mortgage and Foreclosure Rights Notice Snowgirl
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,763
On the Net
Since a farmer can be protected when called up/enlisted, sure.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#716842 - 04/16/07 05:16 PM Re: Mortgage and Foreclosure Rights Notice Andy_Z
KimC Offline
100 Club
Joined: Jul 2001
Posts: 145
Minnesota
The loan type we use for commercial loans secured by 1-4 family is not broken out by owner occupied or rental property. Our software company will generate the letter based only on loan types. How is everyone else handling this?

Return to Top
#723027 - 04/27/07 01:27 PM Re: Mortgage and Foreclosure Rights Notice KimC
vlg Offline
Member
vlg
Joined: May 2003
Posts: 74
Our software is the same. We can only generate notices by loan type. We have not established different loan types for owner-occupied vs rentals. Titled mobile homes are another concern. We set up one loan type for all title secured loans -- vehicle, boats, RVs, mobile homes.

I'm also interested in how other banks are handling.

Return to Top
#731069 - 05/14/07 02:08 PM Re: Mortgage and Foreclosure Rights Notice vlg
Nanwa Offline
Power Poster
Nanwa
Joined: Oct 2001
Posts: 5,564
Clintonville, WI, USA
Same here, please help.
_________________________
Member of the National Sarcasm Society - like we need your support!

Return to Top
Page 2 of 3 1 2 3

Moderator:  Andy_Z