Changes in uniform mortgage documents detail notice issues, grievance process

Realty Check

By Erica Minchella

Erica Crohn Minchella, is the head of the boutique real estate firm of Minchella & Associates, Ltd., handling residential and commercial real estate transactions and litigation such as foreclosure defense, quiet title, and partition actions. erica@ecminchellalaw.com

Posted February 22, 2023 10:56 AM

On July 7, 2021, Fannie Mae and Freddie Mac announced new uniform notes, security instruments, balloon riders, multi-family forms, and change of borrower name forms. I saw the new forms used for the first time on a transaction in December 2022 and have been analyzing them ever since.With a practice that includes both real estate transactions and foreclosure defense, I have always talked my buyers through the “what if” process if they ever struggle paying their mortgage. I am not sure that my buyer-clients really want to …

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