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Citing articles via Web of Science How To Avoid Chargebacks? This site uses cookies to serve you better. By continuing to use this website, you agree to our cookie and Privacy Policy. Got it! Loading Comments See interpretation of 39 c Borrowers in bankruptcy. While any borrower on a mortgage loan is a debtor in bankruptcy under title 11 of the United States Code, a servicer, with regard to that mortgage loan:. Commencing a case. See interpretation of 39 c 1 Borrowers in bankruptcy - Partial exemption.
Availability of loss mitigation options. A loss mitigation option is available if the owner or assignee of a mortgage loan offers an alternative to foreclosure that is made available through the servicer and for which a borrower may apply, even if the borrower ultimately does not qualify for such option.
Fair Debt Collections Practices Act. For example, assume that two spouses jointly own a home and are both primarily liable on the mortgage loan. See interpretation of Paragraph 39 c 1 ii. Joint obligors. See interpretation of Paragraph 39 c 1 iii. A If a borrower is delinquent when the borrower becomes a debtor in bankruptcy, a servicer must provide the written notice required by paragraph b of this section not later than the 45th day after the borrower files a bankruptcy petition under title 11 of the United States Code.
If the borrower is not delinquent when the borrower files a bankruptcy petition, but subsequently becomes delinquent while a debtor in bankruptcy, the servicer must provide the written notice not later than the 45th day of the borrower's delinquency.
A servicer must comply with these timing requirements regardless of whether the servicer provided the written notice in the preceding day period. B The written notice required by paragraph b of this section may not contain a request for payment. C A servicer is not required to provide the written notice required by paragraph b of this section more than once during a single bankruptcy case.
Bankruptcy case revived. See interpretation of 39 c 2 Resuming compliance. A The bankruptcy case is dismissed;. B The bankruptcy case is closed; and. C The borrower reaffirms personal liability for the mortgage loan. A Is not required to resume compliance with paragraph a of this section; and. B Must resume compliance with paragraph b of this section if the borrower has made any partial or periodic payment on the mortgage loan after the commencement of the borrower's bankruptcy case.
Nor does a servicer violate FDCPA section c by providing loss mitigation information or assistance in response to a borrower-initiated communication after the borrower has invoked the cease communication right under FDCPA section c. A servicer subject to the FDCPA must continue to comply with all other applicable provisions of the FDCPA, including restrictions on communications and prohibitions on harassment or abuse, false or misleading representations, and unfair practices as contained in FDCPA sections through 15 U.
Borrowers in bankruptcy. For an example, see comment 39 c 1 ii See interpretation of Paragraph 39 d 2. If a borrower is less than 45 days delinquent at the end of any day period after the servicer has provided the written notice, a servicer must provide the written notice again no later than 45 days after the payment due date for which the borrower remains delinquent or days after the provision of the prior written notice, whichever is later.
Until October 1, , in complying with the requirements described in paragraph 39 a of this section, promptly after establishing live contact with a borrower the servicer shall take the following actions:. If the borrower is in a forbearance program made available to borrowers experiencing a COVIDrelated hardship, during the live contact established pursuant to paragraph 39 a that occurs at least 10 days and no more than 45 days before the scheduled end of the forbearance program or, if the scheduled end date of the forbearance program occurs between August 31, and September 10, , during the first live contact made pursuant paragraph 39 a of this section after August 31, , the servicer shall inform the borrower of the following information:.
Skip to main content. This version is the current regulation. Regulation X. Official interpretation of 39 a Live contact. Show Hide.
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