§667-24 Cure of default. (a) If the default is cured as required by the notice of default and intention to foreclose, or if the parties have reached an agreement to resolve the nonjudicial foreclosure, the foreclosing mortgagee shall rescind the notice of default and intention to foreclose. Within fourteen days of the date of the cure or an agreement to resolve the nonjudicial foreclosure, the foreclosing mortgagee shall so notify any person who was served with the notice of default and intention to foreclose. If the notice of default and intention to foreclose was recorded, a release of the notice of default and intention to foreclose shall be recorded.
(b) If the default is not cured as required by the notice of default and intention to foreclose, the parties have not reached an agreement to resolve the nonjudicial foreclosure and no report of noncompliance has been issued against the mortgagee under section 667-82, and the mortgagor has not elected to convert the foreclosure to a judicial action, the foreclosing mortgagee, without filing a court action and without going to court, may foreclose the mortgage under power of sale to sell the mortgaged property at a public sale. [L 1998, c 122, pt of §1; am L 2011, c 48, §23; am L 2012, c 182, §18]
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