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October 31, 2017Changes to Foreclosure Procedures for Residential Property New Residential Mortgage Foreclosure Form and Changes to COMA 09.03.12Effective November 6, 2017, This advisory is to notify
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Changes to foreclosure procedures are updates or adjustments made to the legal process by which a lender takes possession of a property from a borrower who has defaulted on their loan.
The lender or financial institution responsible for initiating the foreclosure proceedings is required to file changes to foreclosure procedures.
Changes to foreclosure procedures can be filled out by completing the necessary forms provided by the appropriate regulatory agency or legal counsel.
The purpose of changes to foreclosure procedures is to ensure that the foreclosure process is conducted in a fair and transparent manner, while also protecting the rights of both the borrower and the lender.
The information that must be reported on changes to foreclosure procedures includes details of the updated procedures, any new regulations or laws that have been enacted, and how these changes will impact the foreclosure process.
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