Foreclosure of Your Primary Residence

Real Estate

Posted in on March 14, 2014

Did you know that you are entitled to a specific notice before a mortgagee (i.e. the bank) can foreclose on your residential property? If the property consists of a dwelling house with accommodations for four (4) or less separate households and occupied in whole or in part by the mortgagor, the mortgagor is entitled to a ninety (90) day right to cure by full payment of all amounts that are due without acceleration of the maturity of the unpaid balance of such mortgage. This right to cure is granted once during any five (5) year period, regardless of the mortgage holder. The notice has several specific requirements which must be followed by statue in order to be valid.