Document background
The Notice of Intent to Foreclose is a crucial document in Irish mortgage enforcement proceedings, typically issued when a borrower has fallen into significant arrears on their mortgage payments. This notice must be issued in compliance with the Code of Conduct on Mortgage Arrears (CCMA) and other relevant Irish banking regulations before any formal foreclosure proceedings can begin. The document serves multiple purposes: it formally notifies the borrower of the default, specifies the required actions to remedy the situation, outlines the consequences of continued default, and informs the borrower of their rights and options under Irish law. It must include specific information about the loan, property, and default situation, while also providing clear instructions for how the borrower can respond or seek assistance. The notice represents a critical juncture in the mortgage enforcement process, balancing the lender's rights with mandatory borrower protections under Irish consumer protection legislation.
