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.
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