The collapse of the housing market brought with it all sorts of unpleasant revelations about the way our economy functions. To pick just one example, many homeowners learned more than they ever wished about the role of a mortgage servicer—that is, a company to whom many people send their mortgage payments. This particular industry has become infamous for various abuses; for example, some homeowners have been hit with massive fees, and others have been improperly pushed into foreclosure.
In response, the Consumer Financial Protection Bureau (CFPB)—an agency established in 2011 at the prompting of the Dodd–Frank Wall Street Reform and Consumer Protection Act—has just laid down an assortment of rules to protect homeowners against these dubious practices. The regulations require mortgage servicers to notify homeowners about foreclosure alternatives, ensure easy access to relevant company personnel, send easy-to-read mortgage statements every month, and provide early notification before the interest rate is adjusted. These are only a few of the new rules, which will all go into effect in January 2014. The CFPB regulations should provide much-needed help for those still feeling the aftershocks of the housing bust.
But for those who can’t wait until 2014, help is available right now. Long Island null attorney Ronald D. Weiss has years of experience in this area; call soon to get a free consultation.