New CFPB rule in effect: Expanded consumer protection to surviving family members and other homeowners.

April 26, 2018

In August 2016, the Consumer Financial Protection Bureau amended its mortgage servicing rules. Some of those amendments, including the ones relating to successors in interest, became effective April 19, 2018. 

 

Successors in interest include surviving family members and certain other parties who receive an ownership interest in the home when the borrower dies or as a result of divorce.  Some successors in interest were unable to receive loan information from mortgage servicers after the death of the borrower or after a divorce.  As a result, successors in interest were sometimes unable to protect the home from foreclosure.  The new rules hope to remedy this problem.

 

Learn More Here

 

 

Share on Facebook
Share on Twitter
Please reload

Recent Posts

Please reload

We're committed to helping people in need vindicate their rights under the law.

Nassau Suffolk Law Services Committee, serving Long Island since 1966.
This website is designed for general information only.

The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

  • Black Facebook Icon
  • Black Twitter Icon
  • Black YouTube Icon