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NY Establishes Loss Mitigation, Fair Dealing Duties for Mortgage Servicers New York Mortgage Modifications – Orange County Foreclosures – In addition,
Home / Program Offices / Housing / Single Family / National Servicing Center / FHA National Servicing Center Loss Mitigation Services Loss Mitigation Services for FHA Homeowners Communities across the United States are experiencing steady and even increasing rates of foreclosure, as well as an increase in the number of homeowners at risk of foreclosure.
As one example, servicers have been converting hybrid adjustable-rate mortgages into fixed-rate loans. Where appropriate, servicers are encouraged to apply loss mitigation techniques that result in mortgage obligations that the borrower can meet in a sustained manner over the long term.
Loss Mitigation Procedures CFPB: nothing in 1024.41 imposes duty on a servicer to provide borrower with a specific loss mitigation option Borrowers do not have private right of action under 1024.41 to enforce terms of agreement between servicer and mortgage holder concerning evaluation for loss mitigation options
Related Professional (s): If a complete loss mitigation application is received 90 days or more before a foreclosure sale, the servicer must give the borrower at least 14 days to accept or reject any offer of loss mitigation. If the application is received less than 90 but more than 37 days before a foreclosure sale,
Highly seasoned and dependable Loss Mitigation Specialist with a superb record of customer service. Adept at negotiating workable options with delinquent or defaulting borrowers. strong multitasker able to handle a high volume of multiple simultaneous projects. Evaluated delinquent files in a timely.
NY Establishes Loss Mitigation, Fair Dealing Duties for Mortgage Servicers.
Talk to the company to which you send your mortgage payments. When calling, ask for "loss mitigation." You may initially have to select the customer service option to get through to a person.
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(v) Foreclosure Is a Last Resort – The new servicing standards make foreclosure a last resort by requiring servicers to evaluate homeowners for other loss mitigation options first. In addition, banks will be restricted from foreclosing while the homeowner is being considered for a loan modification.