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120 Day Forclosure Rule

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  • September 9, 2014 at 9:31 am EDT #6369
    Lindsey
    Member

    We have a 2nd Mortgage HEQ ( Open end) that is currently 60 days delinquent. We are discussing the option of foreclosure. Are we correct the believe that the definition in 1026.41 A “This section applies to a closed-end consumer credit transaction secured by a dwelling” also applies to the 120 day foreclosure rule .So our 2nd mortgage open end HEQ would be exempt from the 120 day rule and we could foreclose now?

    September 10, 2014 at 10:33 am EDT #6376
    rcooper
    Member

    You need to look to 1024.30 for the coverage requirements of 1024.41(f) (i.e. the 120 day foreclosure rule), but you are correct. HELOCs are not covered, so the 120 foreclosure rule would not apply to HELOCs.

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