As part of the granting process of a mortgage loan on a principal residence or home, any natural or juridical person or lending or financial institution or any bank or credit union shall be required to provide the mortgagor with information, including, but not limited to:\n(a) Information regarding the mandatory mediation process established under this chapter, the requirements to participate in the same in the event that a civil action regarding a mortgage foreclosure is initiated;\n(b) the convenience of seeking legal assistance once the mortgagor has been served with a copy of the complaint;\n(c) the convenience of filing a responsive pleading or answer to the complaint once the mortgagor has been served with a copy thereof;\n(d) a warning that if the mortgagor fails to answer the complaint he/she shall be at risk of losing the property;\n(e) a warning that the mortgagor’s failure to submit to the mandatory mediation process may result in the loss of his/her property;\n(f) the full name and telephone numbers of the persons or divisions that handle and process cases related to loss mitigation in a foreclosure process, and\n(g) any remedies or benefits in effect available to full name and telephone numbers of the persons or divisions that handle and process cases related to loss mitigation in a foreclosure process, and\n(g) any remedies or benefits in effect available to mortgagors that may allow them to benefit from programs or services directed to protecting their principal residences or homes. This obligation shall be strictly met and mortgagees shall certify compliance therewith.\nHistory —Aug. 17, 2012, No. 184, § 4, eff. July 1, 2013.
Puerto Rico Legal Code