As previously announced in a Docutech Compliance News Alert, on August 23, 2023, Fannie Mae announced that the Model Form for the District of Columbia Deed of Trust (Form 3009) has been revised again to provide further clarity in Paragraph 26(a) “Notice of Default”.
Last June, sections (iv), (v), and (vi) were revised to read:
(iv) that failure to cure the Default on or before the date specified in the notice may result in the sale of the Property through foreclosure, and, to the extent available under Applicable Law;
(v) Borrower’s right to participate in pre-foreclosure mediation and the instructions Borrower must follow in order to participate in pre-foreclosure mediation; and
(vi) Borrower’s right to apply for loss mitigation programs available from Lender.
Now, sections (iv), (v), and (vi) have been revised again to read:
(iv) that failure to cure the Default on or before the date specified in the notice may result in the sale of the Property through foreclosure;
(v) Borrower’s right to apply for loss mitigation programs available from Lender; and,
(vi) to the extent available under Applicable Law, Borrower’s right to participate in pre-foreclosure mediation and the instructions Borrower must follow in order to participate in pre-foreclosure mediation.
These changes will be in effect on September 12, 2023. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
LEG-1343
COM-3398
DR-145267