Legislation

Search OpenLegislation Statutes
This entry was published on 2019-11-15
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 6-N
Responsibility of banks for mortgages being processed for modification
Banking (BNK) CHAPTER 2, ARTICLE 1
§ 6-n. Responsibility of banks for mortgages being processed for
modification. 1. If a mortgage that is the subject of an application for
a modification of the mortgage terms is sold or transferred during the
modification process, the bank or financial institution selling or
transferring such mortgage shall provide the borrower with a written
list of all documents relating to such application for modification that
were provided to the bank or financial institution to which such
mortgage was sold or transferred.

2. If a borrower has been approved in writing for a first lien loan
modification or other modification to avoid foreclosure, and the
servicing of such borrower's loan is transferred or sold to another
mortgage servicer, the subsequent mortgage servicer shall assume all
duties and obligations related to any previously approved first lien
loan modification or other foreclosure prevention alternative in
accordance with the provisions of this section.