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Originally posted in Compliance Masters Group Forum by compdud:
Under the new rules how do you handle a situation like this? A borrower is past due (60 days)on their mortgage loan and they want to take out a loan on their 401-K plan to pay their mortgage current. Their 401-K plan holder is telling them they have to have a letter from the bank regarding foreclosure before they can get the loan. Since even a small servicer is subject to the foreclsure referral part of loss mitigation and cannot make a first notice until the loan is 120 days delinquent, what can be done?
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