A number of states have enacted measures to facilitate greater communication between borrowers and lenders by requiring mortgage servicers to provide certain notices to defaulted borrowers prior to commencing a foreclosure action. The measures serve a dual purpose, providing more meaningful notice to borrowers of the status of their loans and slowing down the rate of foreclosures within these states. For instance, one state now requires a mortgagee to mail a homeowner a notice of intent to foreclose at least 45 days before initiating a foreclosure action on a loan. The notice must be in writing, and must detail all amounts that are past due and any itemized charges that must be paid to bring the loan current, inform the homeowner that he or she may have options as an alternative to foreclosure, and provide contact information of the servicer, HUD-approved foreclosure counseling agencies, and the state Office of Commissioner of Banks.
Notice Default Intent With Proceed With Loan Application
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How to fill out Notice Default Intent With Proceed With Loan Application?
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FAQ
Notice of Intent to Proceed with Loan Application (NIPLA) is a letter signed by the loan applicants to inform the lender of their intention to proceed with the loan application and their acceptance of the terms and fees listed in the Good Faith Estimate (GFE).
It might help to know that the Intent to Proceed isn't a binding document. You can switch lenders anytime. In fact, none of the loan disclosures or the mortgage documents you sign are binding until you get to the closing.
If you can't go to the lender's office and express your intention to proceed in person, you can communicate it over the phone, through email, or by submitting a signed pre-printed form. For recordkeeping purposes, the lender must document your intention to proceed to officially move forward with your application.
Federal law gives borrowers what is known as the "right of rescission." This means that borrowers after signing the closing papers for a home equity loan or refinance have three days to back out of that deal.