Case Study: Waiver Of Rights Usage

Waiver of Rights Usage
RCS must use a Waiver of Rights to foreclose on a protected service member if the service member requests or concedes to a non-judicial foreclosure, default judgment and/or eviction. All of the following requirements are to be met:
• The Waiver advises the customer of available protections against non-judicial foreclosure under SCRA.
• The waiver encourages the customer to discuss the waiver with an attorney.
• The waiver provides contact information for US Military Legal Assistance.
• The waiver is to be executed by the customer at least 30 days prior to an anticipated foreclosure sale date.
• The waiver and cover letter must conform to national servicing approved standards.
• The waiver must be a separate instrument
from the Note and Security Instrument and prepared in 12-point type.
• The waiver specifies the note, the Security instrument and the service member.
• The waiver is signed by the service member during or after the service member’ s period of military service, before the foreclosure sale, where applicable.
• The waiver is executed in accordance with SCRA requirements.
Notes: A power of attorney or other exception must be approved by Investor prior to any further action on the part of the RCS.
RCS must adhere to any state and/or investor requirements pertaining to Military Affidavit and Waiver of Rights Usage.
Review the BANA requirements for their requirements for this process.