Earlier this year, 5 of
the nation's biggest banks (GMAC, Bank of America, Citi, Chase and Wells Fargo)
entered into a settlement with the Dept. of Justice over the allegations of
"Robo-signing" of foreclosure complaints. The settlement contains new servicing
standards and protections for home owners.
The terms of that
settlement agreement go into effect today and restrict when Banks can refer
a case for foreclosure. Borrowers must be thoroughly evaluated for all available loss
mitigation options before foreclosure referral, and banks must act on loss
mitigation applications before referring loans to foreclosure; i.e. “dual
tracking” will be restricted. Denials of loss mitigation relief must be
automatically reviewed, with a right to appeal for borrowers.
An
executive summary of the settlement terms can be found here:
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