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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Federal Laws That Protect Homeowners During Foreclosure
Federal laws protect homeowners when facing foreclosure.
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The Statute of Limitations in Foreclosure Actions
If a lender starts a foreclosure against you after the statute of limitations has expired, you can raise this issue as a defense.
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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
Ocwen, which is the largest non-bank mortgage servicer in the country, had to pay certain borrowers money under a national mortgage settlement.
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Federal Laws Protecting Homeowners: New and Existing Mortgages
Federal laws protect homeowners who have mortgages.
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Laws Prohibiting Dual Tracking in the Foreclosure Context
Dual tracking occurs when a mortgage holder continues to foreclose
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Federal Laws That Cover Force-Placed (Lender-Placed) Insurance
Federal law restricts when and how a mortgage servicer can require you to pay for expensive insurance coverage that it buys on your behalf, called force-placed insurance.
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National Mortgage Settlement: Rules to Help Protect Homeowners in Foreclosure
The National Mortgage Settlement with five of the largest mortgage servicers set new standards for the servicing of loans.
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Federal Laws That Protect Homeowners During Foreclosure
Federal laws protect homeowners when facing foreclosure.
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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
- Divorce and Foreclosure
- Fast-Track Foreclosures of Abandoned Homes
- Foreclosure Rescue Scams
- Foreclosure: Second Mortgages, Home Equity Loans, Investments, and HELOCs
- Foreclosure Terminology
- Foreclosure Timelines
- How to Handle a Foreclosure
- Protecting Your Home and Property During Foreclosure
- Special Foreclosure Laws and Protections for Military Servicemembers
- Your First Foreclosure Decision: Should You Stay or Should You Go?
- Divorce and Foreclosure
- Fast-Track Foreclosures of Abandoned Homes
- Foreclosure Rescue Scams
- Foreclosure: Second Mortgages, Home Equity Loans, Investments, and HELOCs
- Foreclosure Terminology
- Foreclosure Timelines
- How to Handle a Foreclosure
- Protecting Your Home and Property During Foreclosure
- Special Foreclosure Laws and Protections for Military Servicemembers
- Your First Foreclosure Decision: Should You Stay or Should You Go?
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