Foreclosure Laws
In reaction to the nationwide foreclosure crisis, and the many abuses that went along with it (like robosigning, dual tracking, foreclosure rescue scams, to name a few) the federal government and many state governments enacted laws aimed at:
- preventing mortgage lender and servicer abuses in foreclosures
- protecting homeowners from foreclosure rescue scammers
- providing homeowners with alternatives to foreclosure (like loan modifications), and
- encouraging homeowners and mortgage servicers to explore foreclosure alternatives through mediation.
In addition to these new laws, two big settlements with some of the biggest banks resulted in some rule changes as well. Below you can find articles on the newest laws and settlements in the foreclosure field.
Federal laws protect homeowners when facing foreclosure.
If a lender starts a foreclosure against you after the statute of limitations has expired, you can raise this issue as a defense.
The CFPB's new ability to pay rule requires mortgage lenders to make sure a borrower can afford a mortgage before issuing the loan.
The 2013 HOEPA Rule adds more protections for homeowners taking out certain mortgages with high interest rates or fees.
The FHA recently made changes to the availability of certain types of reverse mortgages, including the popular standard fixed-rate Home Equity Conversion Mortgage (HECM).
The new federal periodic statement rule requires mortgage lenders and servicers to provide homeowners with prompt, regular, and accurate information about their mortgage loans.
Do you have an Ocwen mortgage? Learn about foreclosure relief for homeowners with Ocwen mortgages.
A loan servicer can't foreclose on your home while considering your loan modification application.
Federal law restricts when and how a mortgage servicer can make you pay for expensive lender placed insurance it buys on your behalf.
Federal laws protect homeowners when facing foreclosure.
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