Today, the federal government proposed some new foreclosure rules for the countless homeowners facing losing their homes. The rules, proposed by the Consumer Financial Protection Bureau, require mortgage servicers to provide homeowners with standardized statements every month in addition to warnings regarding their interest rates and insurance.
This may be a long awaited response to the problems plaguing the mortgage servicers for years and retrospectively homeowners. Record keeping and security will also be addressed within the rules estimated to be finalized by January of 2013. The Bureau hopes that improving the issues of communication and trust between the servicers and borrowers will lead to a decrease in foreclosure rates.
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