Deceased borrower, wait 120 days?

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September 16, 2014 at 12:24 pm EDT #6390

elebra
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Question is simple but I know there is not much guidance to help us so what are your thoughts…Customer dies…do we wait 120 days to start foreclosure? Ideal world would be to get potential heirs to sign deed in lieu but we don’t know who they are.
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September 17, 2014 at 11:44 am EDT #6395

rcooper
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I believe you should wait until the loan is 120 days delinquent to begin foreclosure. Also see this bulletin from the CFPB: https://files.consumerfinance.gov/f/201310_cfpb_mortgage-servicing_bulletin.pdf.
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