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Can you summarize 230 RICR 40-10-4?
Lending > Mortgage Foreclosure Disclosure
Short Summary
This legal document governs the Mortgage Foreclosure Disclosure requirements for Mortgagees and Mortgagors of Residential Real Estate in Rhode Island. It applies to Mortgagors, Mortgagees, and Mediation Coordinators involved in mortgage foreclosure proceedings in Rhode Island. The Rhode Island Department of Business Regulation, Division of Banking is responsible for enforcing these requirements. The document requires Mortgagees to provide a Notice of Mediation Conference to the Mortgagor prior to initiating foreclosure. The Notice must be provided at the address of the Residential Real Estate and, if different, at the address designated by the Individual Consumer Mortgagor. The Mortgagee must also send a copy of the Notice to the Mediation Coordinator, along with contact information for a single mortgagee point of contact. The Mediation Coordinator will commence the Mediation process by contacting the Mortgagor. The Mortgagee must designate an agent to participate in the Mediation Conference and respond to all requests within 14 days. If the Mortgagee declines the Mortgagor’s Workout Agreement, a detailed statement documenting the reasons for rejection must be provided within 14 days. If the Mortgagee and Mortgagor reach an agreement without the assistance of the Mediation Coordinator, the Mortgagee must provide a copy of the written agreement to the Mediation Coordinator. Exemptions to this Part include Mortgages with a default date on or before May 16, 2013, Mortgages made and serviced by Locally-based Mortgagees, and Reverse mortgages. All Mortgagees are required to comply with these regulations by September 14, 2013.
Whom does it apply to?
Mortgagors, Mortgagees, and Mediation Coordinators involved in mortgage foreclosure proceedings in Rhode Island
What does it govern?
Mortgage Foreclosure Disclosure requirements for Mortgagees and Mortgagors of Residential Real Estate in Rhode Island
What are exemptions?
Mortgages with a default date on or before May 16, 2013, Mortgages made and serviced by Locally-based Mortgagees, and Reverse mortgages
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Rhode Island