Posted on: 14th Jul, 2008 08:03 pm
On a FHA loan is Lender required to send "Notice of Default" by certified mail? By what other means can Lender send "Notice of Default and in what degree of detail is the "balance owed" required to be specified to borrower on a FHA Loan?
Hello.
The lender needs to send "Notice of Default" to inform the borrower that he is in default and legal can be taken if the borrowers don't pay the due amount. IT should be specified the amount that the borrower owes, the fee and if there is any legal fee.
The lender needs to send "Notice of Default" to inform the borrower that he is in default and legal can be taken if the borrowers don't pay the due amount. IT should be specified the amount that the borrower owes, the fee and if there is any legal fee.
Yes a Notice of Default is required on a FHA loan. You'll want to read up on the foreclosure laws for your state since they do differ from state to state. The laws will be the same for a FHA loan as for any other loan.
It doesn't have to be certified mail it can be any mail. The lender informing you that you past due and are about to go into foreclosure should not come as a big surprise for a homeowner who hasn't paid his mortgage for 2-4 months
wow...welcome back lynette and eugene - you've been absent for a while. it must be that you're simply writing too many new loans to have time to share with us...hope so.
as for samuel, thank you so much for adding your peculiar insight.
as for samuel, thank you so much for adding your peculiar insight.
