If you are paying a mortgage, or thinking of buying a home, you need to know this:

[dixiegrrrrl]

The Dodd-Frank Financial Reform Bill that obligates Servicers to Do Their Job went into effect on January 10th of this year, 2014.

Here are links to resources you need to keep handy, just in case something comes up.


Freddie Mac New Mortgage Servicing Requirements
(Mortgage servicers, the people you pay the monthly mortgage to, are bound by these new laws)
http://www.freddiemac.com/singlefamily/service/mortgage_servicing.html

You can also file a Fair Housing Complaint if you are part of the protected class of borrowers that believes they are being treated differently than the process has required.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/fair_housing_equal_opp/complaint-process

Further, you can file a complaint with the CFPB, the new Federal Agency charged with regulating the financial industry.
http://www.consumerfinance.gov/blog/so-how-do-i-submit-a-complaint/

This website is also very helpful to homeowners:
http://www.loansafe.org/actions-that-constitute-servicer-abuse-at-the-consumer-financial-protection-bureau

(if you find this helpful, pls. rec so others can see it)

[truedelphi]

1. Great to find this posted here - thanks for putting so much info

Into one post.

Also, if you have been getting the run around from your mortgage holder, start playing tough. You may have to "fib." (So what! These bankers are the mot heinous people on earth, and you have the right to fib to save your real estate from them.)

Tell them that the paperwork that they say you never sent in (Which you did send in, but they "lost it" soon after they assured you they received it) -- well, reply that you had a friend witness you mailing it.

Let them know you have always had a friend or relative, or a friend and/or relative who happens to be an attorney on the other extension phone when you called them.

And finally let them know you happen to be quite close to your House of Representative person, and then name them, and state the second that you hang up talking with them, you will be calling the Congress person's office.

If all else fails, then call the local press.

[dixiegrrrrl]

2. I did just hapen to mention my brother in law is a real estate atotrney

during one of the last of too fmany sales calls from my servicer.
The calls stopped.

[mahina]

3. K & R

Thank you!

[OnlinePoker]

4. 4 more payments and I never have to worry about this again.

I just have to come up with the annual property tax and utilities.

[pbmus]

5. Really good information for someone with money, however

since I have been a renter most of my life, are there any rules and regs that can benefit the renter in the USA or are we all just fair game in this screwed up system of ours?

[dixiegrrrrl]

8. Most big cities have renter laws.

I honestly have not looked into renting laws on the fed. level, I would think there are some consumer protection laws.
Perhaps you can google for the info and post it for others?

I DO know that hedge funds are buying up massive numbers of foreclosed homes ( and trailer parks) and turning them into rentals, with language in their leases that would bear careful scrutiny.

[pbmus]

9. Thanks but there really are very few ...

because if you do not have money in this society, you are basically nothing ...

[KoKo]

6. Thanks for Staying on This! K&R

[bvar22]

7. K&R.

Thanks for putting this information together.
Reminds me of the old DU.