General disclosure requirements.

CFR · 2024-01-01 · US · Title 12

(a) (2) (b) (c) (i) The servicer has confirmed the successor in interest's identity and ownership interest in the property; (ii) Unless the successor in interest assumes the mortgage loan obligation under State law, the successor in interest is not liable for the mortgage debt and cannot be required to use the successor in interest's assets to pay the mortgage debt, except that the lender has a security interest in the property and a right to foreclose on the property, when permitted by law and authorized under the mortgage loan contract; (iii) The successor in interest may be entitled to receive certain notices and communications about the mortgage loan if the servicer is not providing them to another confirmed successor in interest or borrower on the account; (iv) In order to receive such notices and communications, the successor in interest must execute and provide to the servicer an acknowledgment form that: (A) Requests receipt of such notices and communications if the servicer is not providing them to another confirmed successor in interest or borrower on the account; and (B) Indicates that the successor in interest understands that such notices do not make the successor in interest liable for the mortgage debt and that the successor in interest is only liable for the mortgage debt if the successor in interest assumes the mortgage loan obligation under State law; and (C) Informs the successor in interest that there is no time limit to return the acknowledgment but that

official document · source cfr-2024 · id 12:§ 1024.32