HOME MORTGAGE FINANCE ACT, 2008 (ACT 770)
Section 11—Default in payment
(1) Where a mortgagor fails to make an instalment payment within fourteen days after the due date for the payment, the mortgagee shall notify the mortgagor in writing of this fact and request the mortgagor to take urgent steps to pay the amount due as agreed by the parties.
(2) Where the mortgagor fails to make the payment and defaults in the payment of the monthly instalment immediately following, the mortgagee shall issue a demand note in the form in the Second Schedule to the mortgagor and request for the immediate payment of the aggregate or total outstanding arrears.
(3) The mortgagee may deliver the notice and the demand note to the address provided by the mortgagor
(a) by hand and receipt acknowledged in writing by the mortgagor;
(b) through a person apparently above the age of eighteen years at the mortgagor's address and receipt acknowledged in writing by that person; or
(c) by registered mail or by courier.
(4) In the case of a body corporate or a partnership, the mortgagee may deliver the notice or note to the registered or principal place of business and receipt of the notice or note shall be acknowledged in writing by an officer of the company or partnership.
(5) Where a note is delivered by registered mail or courier service, the demand note is considered to have been received by the mortgagor at the time at which the note would have been delivered in the ordinary course of post or the courier service.
(6) Where a settlement of the arrears is not made and the mortgagor has not made a satisfactory arrangement with the mortgagee for the settlement of the outstanding amount after the date of issue of the demand note, the mortgagor is considered to be in default as soon as the third succeeding month's instalment also falls into arrears.
Procedure to Follow
Not Avaiable
Responsible Institution
Securities and Exchange Commission
No. 30, 3rd Circular Road, Cantonments, Accra.
- Email: info@sec.gov.gh
- Website: https://sec.gov.gh/
- GPS: GL-076-6028
- Telephone: 0302768970
Relevant Forms to Download
Online System
Fees/ charges
Not Avaiable
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