Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can the mortgage holder or servicer foreclose by advertisement even when the borrower is eligible for a loan modification?

April 26, 2017advertisement borrower eligible foreclose loan modification mortgage Servicer

0

Posted

Can the mortgage holder or servicer foreclose by advertisement even when the borrower is eligible for a loan modification?

1 Answer

0

Posted

Yes. If the borrower is eligible for a modification, the mortgage holder or servicer may proceed to foreclose by advertisement if 1) the designated agent has in good faith offered the borrower a modification agreement prepared in accordance with the modification determination, and 2) for reasons not related to any action or inaction of the mortgage holder or servicer, the borrower did not execute and return the modification agreement within 14 days after the borrower received the agreement.