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IMPORTANT RIGHTS FOR HOMEOWNERS NOTICE OF PRE-FORECLOSURE OPTIONS

You must respond within thirty days of the date of this letter to take advantage of your rights.

IF YOU DO NOT RESPOND within thirty days, a notice of default may be issued and you may lose your home in foreclosure.

IF YOU DO RESPOND within thirty days of the date of this letter, you will have an additional sixty days to meet with your lender before a notice of default may be issued.

YOU SHOULD CONTACT A HOUSING COUNSELOR OR ATTORNEY as soon as possible. Failure to contact a housing counselor or attorney may result in your losing certain opportunities, such as meeting with your lender or participating in mediation in front of a neutral third party. A housing counselor or attorney can help you work with your lender to avoid foreclosure.

MEDIATION may only be requested on your behalf by a housing counselor or an attorney.

If you filed bankruptcy or have been discharged in bankruptcy, this communication is not intended as an attempt to collect a debt from you personally, but is notice of enforcement of the deed of trust lien against the property. If you wish to avoid foreclosure and keep your property, this notice sets forth your rights and options.

SEEKING ASSISTANCE

Housing counselors and legal assistance may be available at little or no cost to you. If you would like assistance in determining your rights and opportunities to keep your house, you may contact the following:

RESPONDING WITHIN 30 DAYS

You have the right to request a meeting with a representative of the beneficiary. If you wish to do so, you (or a housing counselor or attorney on your behalf) must request a meeting with a representative of the beneficiary by either:

  1. Responding in writing to the beneficiary

OR

  1. Calling the beneficiary

When you (or your housing counselor or attorney) respond, you should:

  • Indicate that you want to meet regarding the delinquency/foreclosure issues;
  • Provide current contact information;
  • Include contact information for the attorney or housing counselor, if they will represent you at the meeting

Should you designate a housing counseling agency, housing counselor, or attorney to meet with the beneficiary on your behalf, you must notify the beneficiary that one of these parties will represent you and has authority to agree to a loan restructure or modification on your behalf. You must also provide your representative’s name and contact information.

To document your request, a written request for a meeting is recommended. Your request may be sent by certified mail, return receipt requested, or equivalent private delivery service. The request must be made within 30 days of the date of this “Notice of Pre-Foreclosure Options” or you will lose this right to have an additional 60 days to meet and try to resolve your delinquency/foreclosure issues.

THE MEETING

If you request a meeting, the beneficiary will schedule a meeting between you and a representative before a Notice of Default is issued. A housing counselor or attorney may represent you at this meeting.

The purpose of the meeting is to assess your financial ability to modify or restructure the loan obligation or consider other alternatives to foreclosure. Some possible outcomes of the meeting are:

  • a temporary or permanent loan modification;
  • an agreement to conduct a short sale;
  • a deed in lieu of foreclosure transaction;
  • some other workout plan; or
  • no workout agreement.

The meeting may be held telephonically, unless you or your representative requests in writing that a meeting be held in person. The written request for an in-person meeting must be made within 30 days of this letter. If the meeting is requested to be held in person, the meeting must be held in the county where the property is located unless the parties agree otherwise. A person who is authorized to agree to a resolution, including modifying or restructuring the loan obligation or other alternative resolution to foreclosure on behalf of the beneficiary, must be present either in person or on the telephone or video conference during the meeting.

The beneficiary must have at least one “in person” representative at the meeting. In addition, a person authorized to modify the loan obligation or reach an alternative resolution may also participate by phone or video conference during the meeting with you.

If a meeting is requested you should be prepared to present information necessary to assess your financial ability to meet a modified or restructured loan obligation. A housing counselor or attorney may assist you in identifying/preparing the information necessary, as well as any other information that may be of assistance in reaching an agreement. In general terms such information will include:

  • current and future income;
  • debts and obligations; and
  • tax returns for the past two years.

FOLLOWING THE MEETING

The representative(s) of the beneficiary and you or your representatives shall attempt to reach a resolution within 90 days from the date this letter was sent. If the meeting has taken place and an agreement modifying the loan or an alternative resolution is not reached, the beneficiary may issue a Notice of Default 90 days following the date of this Notice, which begins the foreclosure process.