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When may a mortgagee or mortgage servicer send the 90-day Notice of Right to Cure to a borrower in default?

April 26, 2017borrower cure Default mortgage mortgagee Notice right send Servicer

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When may a mortgagee or mortgage servicer send the 90-day Notice of Right to Cure to a borrower in default?

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A. It is a business decision of the mortgagee or mortgage servicer when to send the notice after a default by the borrower. The Division would expect the industry to establish best practices governing the timing for sending the notice.