When and how does a qualified lender notify a borrower of the right to seek loan restructuring?

CFR · 2024-01-01 · US · Title 12

(a) (1) A notice stating that the loan has been identified as distressed and that the borrower has the right to request a restructuring of the loan (nonforeclosure notice). (2) A notice that the loan has been identified as distressed, that the borrower has the right to request a restructuring of the loan, and that the alternative to restructuring may be foreclosure (45-day notice). The qualified lender must provide this notice to the borrower no later than 45 days before the qualified lender begins foreclosure proceedings with respect to any loan outstanding to the borrower. This notice must specifically state that if the loan is restructured and the borrower does not perform under the restructure agreement (as described in § 617.7410(e)), the qualified lender may initiate foreclosure proceedings without further notice. (b) (2) All materials necessary for the borrower to submit an application for restructuring. (c) (d) (e) (f) (g)

official document · source cfr-2024 · id 12:§ 617.7410