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Distressed borrowers given foreclosure protection under new mortgage rules

Under the new mortgage rules approved on August 4 by the Consumer Financial Protection Bureau (CFPB), certain distressed homeowners who are being threatened with foreclosure may get relief, an article of Reuters reported.

The CFPB will now require mortgage payment servicers to help struggling borrowers keep their homes from being foreclosed if they have made their payments on time. Unlike before, borrowers may now receive protections, such as mortgage modifications, several times. The new rulings are designed to aid borrowers who are dealing with sudden financial loss, such as from the death of a relative or losing a job. Mortgage servicers now are also required to provide information to struggling homeowners about their possible options. The rulings aim to reduce the effects of the foreclosure crisis that has plagued the country since 2006.

If your home is being threatened with foreclosure in Birmingham, the attorneys at Greenway Bankruptcy Law, LLC may be able to help you prevent it. Find out how we can help you protect your family’s home today by calling (205) 324-4000.

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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