Two new rules were announced that if implemented would make the Real Estate market work better for America’s homeowners. The Consumer Financial Protection Bureau (CFPB) plans to prohibit mortgage servicers from beginning foreclosure proceedings unless a homeowner is 120 days behind on payments. At the same time they would restrict dual-tracking or moving ahead with foreclosure while the owner is pursuing a loan modification.
In my years of foreclosure experience I have and continue to run into a lot of homeowners who have been the victim of mortgage servicers proceeding with the foreclosure even though they are working hard to do a loan modifica
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