This release applies to all credit unions, state and federal, which hold residential mortgage loans.
The Department of Housing and Urban Development (HUD) requires credit unions to send two notices to certain mortgagors who are delinquent or in default on their loans. One advises delinquent borrowers of the availability of homeownership counseling. The other advises homeowners if default about the foreclosure rights of servicemembers and their dependents under the Servicemembers Civil Relief Act (SCRA).This release includes sample notices.