- This protocol places an emphasis on openness among lenders and borrowers regarding financial problems and allows them to try to resolve the problem together. It is designed to make mortgage repossessions the last resort if the parties can't reach another resolution.
- The protocol applies to all mortgage repossession cases after Nov. 19, 2008. It's a checklist containing various questions the lender answers about the loan. Using the list, a lender and borrower try to reach an agreement. If no agreement is reached, they try to work out details about a mortgage repossession outside of court. This process avoids wasting the court's time and resources.
- A lender must provide an information sheet to the borrower showing overdue mortgage payments. The lender informs the borrower if interest will be charged, and is obligated to consider any reasonable requests from the borrower about preferred payment dates and methods. The lender must also give the borrower 15 days notice of the intent to start repossession claims.
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