Complications with Customer Communications in Context of Credit Conveyances (a/k/a Problems with Notices to Borrowers in Default or Bankruptcy When Loans or Servicing are Transferred)

If your bank is in the process of a merger or has agreed to buy or sell a portfolio of mortgage loans, notices must be provided to the borrowers before and after the transaction closes. Care must be taken to determine the notices required and how they are worded to avoid violating potentially conflicting laws.

Filed under:
USA, Banking, Insolvency & Restructuring, Real Estate, Vorys Sater Seymour and Pease LLP, Bankruptcy, Mortgage loan, Real Estate Settlement Procedures Act 1974 (USA)
Authors:
Cynthia A. Shafer , Brenda K. Bowers
Location:
USA
Firm:
Vorys Sater Seymour and Pease LLP