FORECLOSURE ABUSE SETTLEMENT

10 Mortgage Servicers are now required to provide $8.5 Billion in funding for borrowers that were impacted by wrongful foreclosures between 2009-2011 or in need of a Loan Modification.

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MORTGAGE RELIEF PROGRAMS

Homeowners, there are several options that are currently available that are designed to reduce your payments. The programs that are available depends on the current status of your mortgage.

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Know Your Options

We all know that traveling down an unfamiliar highway is easier with a road map. Use our guide to understand the options available to make this journey less stressful.


Homeowners now has the right to Sue their SERVICERS to STOP FORECLOSURE

This private right of action has gone into effect as of January 1, 2013 and has opened the door for existing borrowers to the use the courts to block foreclosures.

“Borrowers now have a legal right to loss mitigation considerations,” according to Richard Andreano, a partner at Ballard Spahr law firm. It will make the foreclosure process longer and more expensive if servicers have to fight these lawsuits in court, he said.

For example, the servicing rule states that a servicer cannot start the foreclosure process before a borrower is 120 days delinquent.

If the servicer files earlier than 120 days, the borrower could sue.

Andreano noted the regulators have the option to take enforcement actions to keep servicers in line.

By giving borrowers the right to sue, it is a way to ensure “robust” servicer compliance with the new loss mitigation procedures.