SBX8 38 In my opionon sounds like the guys in charge in Congress are attempting to level the playing field for the homeowners and not a minute to early. The loan servicers must prior to filing a notice of default for mortgages or deeds of trust recorded prior to December 31, 2009 that are secured by owner occupied residential real property (1 to 4 dwelling units), the mortgagee, trustee, beneficiary or author agent must provide a borrower with a new notice of "Rights And Foreclosure Options" and an application for a loan modification. Then prior to filing a notice of default the borrower must also be notified as to whether the application for loan modification has been approved or denied. If denied, the servicer must provide a detailed letter describing the reason for the denial. Wow, how refreshing making the loan servicers give you information without a 4 hour phone call though the belly of the call routing center to India. Hopefully this finds a way to pass. Way to go guys in Washington and not a minute to late.
Shoot me some thoughts folks,
shaun@asndinc.com
Monday, March 8, 2010
Subscribe to:
Post Comments (Atom)
Shaun,
ReplyDeleteThis is awesome news! Its really amazing how many people facing foreclosure don't know their options. I think its good practice to make the banks put options in writing - this will save everyone time and headaches with our current real estate market. Thanks for the good news!