When does the requirement for the mortgagee or anyone holding thereunder, to notify the Division of Banks of the date of the foreclosure sale and the purchase price at the sale?
A. The notice of sale and purchase price is tied by statute to the foreclosure database which will maintain information of 90-day right to cure notices. Accordingly, notice of sale and purchase price are only to be provided to the Division in conjunction with a previously filed 90-day Notice of Right to Cure. Q. Is the holder of the mortgage or its representatives required to provide an itemized accounting of the disposition of the proceeds of a foreclosure sale to the mortgagor if there is no surplus owed to the mortgagor from the foreclosure sale? A. Yes. A mortgage holder or its representatives must provide an itemized accounting on all foreclosure sales to the mortgagor whether the sale results in a surplus or a deficiency.
