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CFPB Proposes New Foreclosure Rules

The Consumer Financial Protection Bureau (CFPB) has proposed
some new measures affecting the way servicers handle mortgages in various
stages of default.  The changes will
require servicers to:

  • Provide certain borrowers with
    foreclosure protections more than once over the life of the loan.  Currently a borrower is given certain protections such as the
    right to be evaluated under the CFPB’s options to avoid foreclosure, only
    once during the life of the loan, even if they suffer separate financial
    hardships years apart. The proposal would require that servicers provide
    those protections for borrowers who have brought their loans current since
    the last loss mitigation application.

 

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