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Dreher Tomkies LLP
Attorneys at Law
2750 Huntington Center
41 South High Street
Columbus, Ohio 43215
Telephone (614) 628-8000
Fax (614) 628-1600

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Section 404 of the Helping Families Save Their Homes Act of 2009 requires creditors to notify borrowers if the borrower's mortgage loan is sold or assigned to a third party.

The new provision provides that not later than 30 days after the date on which a mortgage loan is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including:

  1. the identity, address, telephone number of the new creditor;
  2. the date of transfer;
  3. how to reach an agent or party having authority to act on behalf of the new creditor;
  4. the location of the place where transfer of ownership of the debt is recorded; and
  5. any other relevant information regarding the new creditor.

"Mortgage loan" means any consumer credit transaction that is secured by the principal dwelling of a consumer.

The bill was signed by the President on May 20, 2009. Please let us know if you would like a copy of the Act or have other questions.

  • Elizabeth Anstaett and Darrell Dreher