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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?
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