The government’s consumer lending watchdog proposed new rules Friday aimed at protecting homeowners from unexpected costs and shoddy service by companies that collect their monthly mortgage payments.
Mortgage servicing companies would be required to provide clear monthly billing statements, warn borrowers before interest rate hikes and actively help them avoid foreclosure under the proposal by the Consumer Financial Protection Bureau. The rules also require companies to credit people’s payments promptly, swiftly correct errors and keep better internal records.
“The major failures in this industry demonstrate that all servicers need to meet basic standards of good customer service,” CFPB Director Richard Cordray said in a call with reporters. He said the proposal reflects “two basic, common-sense standards — no surprises and no runarounds.”The Law Office of Susan J. Salehi has helped 1000’s of people like yourself with Chapter 7 and 13 bankruptcies since 1992, both in the Santa Barbara/Ventura and Kern County areas. We offer a free consultation, reasonable rates and payment plans. All of your options will be explained during your free consultation with the attorney at the Law Offices of Susan J. Salehi. We ask that you bring six months’ proof of income (paystubs/rent receipts/profit and loss statement if self-employed), the last two years’ tax return, a credit report – free ones are available at www.annualcreditreport.com, any foreclosure notices, lawsuits, and correspondence from the IRS or FTB if you owe pastdue taxes.
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