New Mortgage Rules Could Protect Against Foreclosure

By: CNN
By: CNN

A new lifeline announced today for homeowners facing foreclosure.

The Consumer Financial Protection Bureau has issued new rules for mortgage servicers that handle things like loan modifications and foreclosures.

Apparently many of the companies are unable to handle the flood of delinquent loans, and the feds say that's led to unnecessary foreclosures.

Now, there are restrictions that prohibit servicers from foreclosing on borrowers seeking loan modifications. There are also guidelines for issuing clear, straightforward mortgage statements.

Still, consumer advocates say the new rules don't go far enough.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:
WTVY-TV 285 N Foster Street Dothan, AL 36303 334-792-3195
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 187360081 - wtvy.com/a?a=187360081
Gray Television, Inc.