24 CFR 27.105 – Service of Notice of Default and Foreclosure Sale
Current as of: 2024 | Check for updates
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(a) The Notice of Default and Foreclosure Sale shall be served in accordance with the provisions of the Statute. When notice is sent by mail, multiple mailings are not required to be sent to any party with multiple capacities, e.g., an original mortgagor who is the security property owner and lives in one of the units. The date of the receipt for the postage paid for the mailing may serve as proof of the date of mailing of the notice.
Terms Used In 24 CFR 27.105
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Statute: A law passed by a legislature.
(b) Notice need not be mailed to any mortgagors who have been released from all obligations under the mortgage.