Author: Kim Hammond

Written Notice to Debtors Involving Junior Liens and Substitute H.B. 133

by Kim Hammond Kim Hammond

Ohio Revised Code 1349.72 was enacted in 2019. The statute requires servicers of second mortgages and junior liens on residential real property to mail a written notice to a borrower’s address before collecting or attempting to collect the debt. As originally enacted, the statute was vague and left lenders, servicers, and attorneys with more questions than answers: Did a letter have to be sent before sending an acceleration letter? Did the letter have to be sent prior to returning a phone call from a delinquent borrower? No one wants to make a mistake and be subject to a violation. Read more

FHA Foreclosure Prevention Act of 2019 Introduced

by Kim Hammond Kim Hammond

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, introduced The FHA Foreclosure Prevention Act of 2019 in an attempt to combat foreclosures for borrowers with FHA mortgages.  The Act would increase HUD oversight of FHA mortgage servicers in an effort to make sure every homeowner with an FHA mortgage is given fair opportunities to avoid foreclosure once they have defaulted. Read more