Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

New Foreclosure Rules in 2014
  Beginning in January 2014, the CFPB (Consumer Financial Protection Bureau) released guidelines for mortgage servicers to help protect out would be foreclosures. The goal is to protect/prevent "unnecessary foreclosures" and to ensure fair treatment.
According to the new guidelines:
Mortgage servicers are prohibited from foreclosing on a home owner who is seeking loan modifications. Servicers will be unable to file a foreclosure notice until a home owner is at least 120 days behind on a mortgage payment. A foreclosure sale on the home will be prohibited until alternatives are considered. Servicers will be required to give home owners adequate time to accept an alternative to foreclosure before going ahead with a foreclosure sale. Servicers must respond to loan modification requests from home owners who apply for a loan modification at least 37 days prior to a foreclosure auction. When a home owner has missed two consecutive payments, servicers are required to send a written notice of foreclosure alternative examples to the home owner, such as deferred payments and loan modifications. Servicers must be easily accessible to the home owners for assistance. Servicers will be required to publish more clear mortgage statements, which includes mortgage payments broken down by principal, interest, ... more

__________________________________________________
Are you on The Rain? Grow Your Network!