No later than or then5/29/2023 ![]() The March 25 attempt meets the requirements of § 1024.39(a) for the March 1 missed payment. The February 5 attempt meets the requirements of § 1024.39(a) for both the January 1 and February 1 missed payments. To illustrate, the servicer complies with § 1024.39(a) if the servicer makes a good faith effort to establish live contact with the borrower, for example, on February 5 and again on March 25. The servicer may time its attempts to establish live contact such that a single attempt will meet the requirements of § 1024.39(a) for two missed payments. Assuming it is not a leap year, the borrower is 90 days delinquent as of April 1. The borrower makes no payments during the period January 1 through April 1, although payments of $2,000 each on January 1, February 1, and March 1 are due. The servicer must establish or make good faith efforts to establish live contact not later than 36 days after January 1 - i.e., on or before February 6.ī. ![]() The borrower fails to make a payment of $2,000 on, and makes no payment during the 36-day period after, January 1. ![]() Assume a mortgage loan obligation with a monthly billing cycle and monthly payments of $2,000 representing principal, interest, and escrow due on the first of each month.Ī. This provision is illustrated as follows: Section 1024.39 requires a servicer to establish or attempt to establish live contact no later than the 36th day of a borrower's delinquency.
0 Comments
Leave a Reply. |