A complete Georgia loss mitigation application arrives 60 days before a sale and sits unevaluated for 7 weeks. Did the seven-week delay meet the complete-application evaluation deadline?
Correct Answer
C) Late: eligibility is evaluated within 30 days of receiving it
Where the application is received more than 37 days before a foreclosure sale, the servicer must evaluate the borrower eligibility for available loss mitigation options within 30 days of receipt. Other choices: beating the sale date is not the standard; 15 days is not the figure; and a document request does not restart the period on a complete application. Source: Ga. Comp. R. & Regs. 80-11-6-.02(2)(e)(4)(i)
Why This Is the Correct Answer
Where the application is received more than 37 days before a foreclosure sale, the servicer must evaluate the borrower eligibility for available loss mitigation options within 30 days of receipt. Other choices: beating the sale date is not the standard; 15 days is not the figure; and a document request does not restart the period on a complete application. Source: Ga. Comp. R. & Regs. 80-11-6-.02(2)(e)(4)(i)
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