When must the 90-day Notice of Right to Cure be filed with the Division of Banks?
A. Chapter 206 of the Acts of 2007 mandates that a copy of the 90-day Notice of Right to Cure be filed by the mortgagee in any action or proceeding to foreclose, i.e. filing of a petition, on residential property. It is the position of the Division that the reference to “an action or proceeding” to foreclosure refers to an action brought by the mortgagee under the Soldiers’ and Sailors’ Civil Relief Act. Upon filing such an action under this Act, a copy of the 90-day Notice of Right to Cure must be filed with the Division.
