Foreclosure in Staten Island>Question Details

Passion4pt, Home Buyer in Staten Island, NY

what's obedience rule?

Asked by Passion4pt, Staten Island, NY Fri May 11, 2012

A home owner who is facing foreclosure is filing an application under the "obedience rule" with his bank. I heard the term on the phone from a broker. The word may not be obedience, but another word or acronym that rhymes with it. Thanks

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Anna M Brocco’s answer
It may refer to the foreclosure documents, and the lender promising no improper practices were taken such as foreclosing if a loan modification is in the works, etc.; however for an accurate answer, ask the broker the question...
1 vote Thank Flag Link Sat May 12, 2012
In California, the rules state that the Broker owes the duty of Obedience to the Client;
While the Client cannot tell the Broker to do anything illegal or enethical, the Broker must follow the instraction of his client.
1 vote Thank Flag Link Sat May 12, 2012
The most common reference to obedience would be the fiduciary relationship which obligates the broker to obey the legal and reasonable instructions of the principal.
0 votes Thank Flag Link Sat May 12, 2012
Might be an application for an expedited foreclosure; but it's a reach.
Easiest to just call the broker and ask again.
And if you can, please drop me a line to let me I'm curious.
0 votes Thank Flag Link Sat May 12, 2012
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