Rolling Delinquencies Conundrum
The "120-day rule," which prohibits servicers from sending the first notice for foreclosure until the borrower's mortgage is more than 120 days delinquent, seems fairly straightforward. But what happens with rolling delinquencies, in which borrowers resume making payments without making up past missed payments? ABA is seeking clarification from the CFPB on the matter, while sharing results of its survey that shows banks are all over the map on this issue. [10/28/14]
