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Under the Loss Mitigation rules for a small servicer its states “A servicer shall not make the first notice of filing required by applicable law for any judicial or non-judicial foreclosure unless: (iii) The servicer is joining the foreclosure action of a subordinate lienholder.”
What if we are the subordinate lienholder and our lien is current however the 1st lienholders mortgage is delinquent and the foreclosure process has been initiated? Can we join the foreclosure or do we still have to wait until our loan becomes delinquent 120 days?
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