New 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.
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Laws Prohibiting Dual Tracking in the Foreclosure Context
New laws prohibit mortgage servicers from foreclosing on your home while considering your loan modification application.
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Federal Laws That Protect Homeowners During Foreclosure
Federal laws protect homeowners when facing foreclosure.
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Mortgage Rules on "Ability to Repay"
The CFPB's new ability to pay rule requires mortgage lenders to make sure a borrower can afford a mortgage before issuing the loan.
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Protections for High-Cost Mortgages
The 2013 HOEPA Rule adds more protections for homeowners taking out certain mortgages with high interest rates or fees.
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Reverse Mortgages: Restrictions and Requirements
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).
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The Periodic Statement Rule: Monthly Mortgage Statement Requirements
The new federal periodic statement rule requires mortgage lenders and servicers to provide homeowners with prompt, regular, and accurate information about their mortgage loans.
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Foreclosure Relief for Homeowners With Ocwen Mortgages
If your home was foreclosed by Ocwen or your mortgage is held by Ocwen, you might get cash or a mortgage reduction under a new settlement.
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National Mortgage Settlement: Who Benefited
If you had or have a mortgage serviced by Ally/GMAC, Bank of America, Citibank, JPMorgan Chase, or Wells Fargo, you might get mortgage relief under the National Mortgage Settlement.
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National Mortgage Settlement: Rules to Help Protect Homeowners in Foreclosure
Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo must follow new requirements when servicing loans and dealing with homeowners in foreclosure.
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Independent Foreclosure Review Settlement
The Independent Foreclosure Review was scrapped in favor of a settlement which provides some homeowners with cash.
More Legal Topics
- After the Foreclosure: Deficiency Judgments and Taxes
- Fast-Track Foreclosures of Abandoned Homes
- Foreclosure Rescue Scams
- Foreclosure: Second Mortgages and HELOCs
- Foreclosure Terminology
- Foreclosure & the Military
- Foreclosure Timelines
- Protecting Your Home and Property During Foreclosure
- Reverse Mortgages: Foreclosures & Scams
- Understanding Mortgages & Deeds of Trust
- Your First Foreclosure Decision: Should You Stay or Should You Go?
- After the Foreclosure: Deficiency Judgments and Taxes
- Fast-Track Foreclosures of Abandoned Homes
- Foreclosure Rescue Scams
- Foreclosure: Second Mortgages and HELOCs
- Foreclosure Terminology
- Foreclosure & the Military
- Foreclosure Timelines
- Protecting Your Home and Property During Foreclosure
- Reverse Mortgages: Foreclosures & Scams
- Understanding Mortgages & Deeds of Trust
- Your First Foreclosure Decision: Should You Stay or Should You Go?
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