The brand new account background need certainly to shelter a time period of no less than 24 weeks (or perhaps the lifetime of the borrowed funds when the reduced)
The brand new laws helps it be unlawful having a mortgage lender so you’re able to start one foreclosure step instead of offering composed find towards debtor at least 45 weeks in advance
One to see must include a keen itemization of all past-due wide variety and you will any costs that need to be paid-in purchase to give the borrowed funds latest, a statement that debtor may have available options other than property foreclosure and this the new debtor could possibly get explore those individuals choice towards home loan company otherwise a HUD-accepted therapist, the latest email address getting a real estate agent of your own mortgage lender who is signed up to do business with the latest borrower to end property foreclosure, the fresh contact details for just one or even more HUD-approved counseling companies into the Mississippi just who could possibly assist the fresh new borrower and prevent foreclosures, as well as the contact details towards the Individual Ailment Part of the Mississippi Agency off Banking and you will User Loans. Read more