What are the legal requirements of lenders for foreclosure defense?

In California, lenders must meet specific legal requirements when they are trying to foreclose on a property. The Consumer Financial Protection Bureau outlines those requirements, which include: 1. Notifying the homeowner at least 30 days before the foreclosure process begins. 2. Delivering the Notice of Default (NOD) to the borrower that describes the party filing for foreclosure and the amount owed. 3. Posting the NOD at the property and giving a copy to the borrower. 4. Allowing the borrower at least 90 days to pay off the debt. 5. Holding a sale only 28 days after requesting a foreclosure. 6. Notifying the borrower of the date, time and place of the sale at least 20 days in advance. In addition to these legal requirements, lenders must provide the borrower with a statement of the total unpaid balance, late charges, and applicable taxes. The statement must also be in writing and mailed or personally delivered to the borrower at least 10 business days before the sale. If these requirements are not met, it can be used as a defense against foreclosure. In other words, if the lender does not adequately notify the homeowner or does not provide the required documents, then the homeowner can use this as a basis for foreclosure defense. This may be able to help the homeowner avoid foreclosure or negotiate better loan terms.

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What are the legal requirements of lenders for foreclosure defense?

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