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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.