Cuevas, Garcia & Torres, P.A.
contact Our Firm Today
877-801-4135

Is your loan servicer fulfilling its duties?

When you applied for your mortgage loan, you may have chosen your lender carefully based on your financial plan and what rates were offered to you. However, a different company may be servicing your loan, and this change may not be entirely welcome, particularly if you have come under hard times and are having difficulty making payments. According to Reuters, the Consumer Financial Protection Bureau recognizes that some mortgage servicers are not treating their customers fairly, and that federal agency is working to correct the injustices.

Under current regulations, if your servicer has already begun the foreclosure process, filing an application for a loss mitigation program does not prevent the foreclosure proceedings from moving forward. Not only that, but the amount of time that the servicer takes to process the application could affect your eligibility for loss mitigation. This is even more likely if the company did not provide you with the proper information for the program until the foreclosure process was underway. The CFPB is addressing these problems with regulations that will require the servicer to provide you with timely information and communication, and to ensure that your application is processed quickly.

People who have already been granted a loan modification and are making their payments on time are not exempt from emergency situations such as job loss or death of an income provider. The CFPB requires servicers to offer you another opportunity to apply for loss mitigation if unforeseen circumstances have set you back again. Other conditions may apply, depending on your unique situation, so this general information should not be interpreted as legal advice.

No Comments

Leave a comment
Comment Information
The Florida Bar | 1950 American Bar Association DADE County Bar Association | 1916 Orange County Bar Association Coral Gables Bar Association American Immigration Lawyer Association

Contact Us Today. Call 877-801-4135 or complete this form to schedule a consultation with our legal experts.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Offices Conveniently Located in Miami And Orlando
Google+ Facebook

Miami Dadeland Office
7300 North Kendall Drive
Suite 680
Miami, FL 33156

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 305-448-7300
Map & Directions

Midtown Miami Office
3401 North Miami Avenue
Suite 209
Miami, FL 33127

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 305-448-7300
Map & Directions

Orlando Office
801 North Magnolia Avenue
Suite 221
Orlando, FL 32803

Toll Free: 877-801-4135
Fax: 786-362-7127
Map & Directions

Email This Office