SB-0382 Summary

• Applies to foreclosures on primary residences where the first notice is mailed after January 9, 2014, and the foreclosing party is a defendant in the United States v. Bank of America Corp. federal settlement (civil action no. 12-0361 in U.S. District Court for the District of Columbia).

• Requires the foreclosing party to designate a specific individual, department, or unit to serve as a contact point for negotiating and attending meetings with the mortgagor.

• Mandates inclusion of contact information (name, address, dedicated telephone number, and email address) for the designated contact in written notice to the mortgagor.

• Permits mortgagors to request a meeting within 30 days with the designated contact or a homeownership counselor to negotiate loan modifications and attempt to avoid foreclosure.

• Prohibits commencement of foreclosure proceedings unless the requested meeting has been held, except when the mortgagor fails to cooperate in scheduling or attending the meeting.