Trying to Stop Foreclosure? 5 Changes Some Mortgage Providers are Now Offering to Help You Keep It

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Good news for homeowners or those who have recently lost a home – several well-known mortgage servicers have agreed to modify their future foreclosure procedures to benefit borrowers.

Losing Your Home to Foreclosure? Good News – Some Banks are Modifying Procedures to Work with Borrowers; Here’s Who They are & What They’re Doing

The big names include Bank of America, Wells Fargo, and JPMorgan Chase. This is a long-overdue overhaul of their flawed systems, and you could benefit if your mortgage provider is one of the aforementioned.

Just what kinds of changes are taking place?


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5 Changes to the Foreclosure Procedure That Spell Good News for Homeowners

1. Better staff training regarding foreclosure proceedings.

2. More “layers of oversight” that include their law firm partners.

3. Borrowers will have one bank contact, so they won’t get passed around to several employees.

4. Banks will stop foreclosing on people who are in the middle of loan modifications.

5. Banks will have independent consultants review all of their foreclosures from the past two years. Better yet, homeowners may get compensation if the consultants find out that they were fined too much.

While it’s good news that these banks are redressing some of their mistakes, they claim that very few people who lost their homes will see any compensation due to bank errors. In any case, this is a boon to borrowers who are planning on taking out a new mortgage soon.

You have the attorneys general on your side, who are fighting to get banks reduce some of the mortgage debt owed by their borrowers.

Did You Know: The Average Homeowner in Foreclosure is Delinquent on Their Mortgage by More than 16 Months?

Due to these new changes, servicers must choose to either hire more staff members to work on foreclosures OR to slow foreclosure proceedings. If you’re like the average American homeowner in foreclosure, you have been delinquent on your mortgage for over 16 months!

Could you be one of the lucky ones that get even more time to stay in your home? Or will your service provider have to pay steep fines?

More “Prevent Foreclosure” Changes Coming in the Next Couple of Weeks

Learn more about these “stop foreclosure” changes in The New York Times article, Servicers Said to Agree to Revamped Foreclosures. And FYI, more changes are reported be coming in the next two weeks!

Related Posts

Home Loan Help: Documents Needed to Apply for a Mortgage Modification with HSBC (and Other Lenders)

How to Lose Your Foreclosed Home at Auction and Still Receive Thousands of Dollars

Stop Foreclosure Help: What Happens When You Stop Paying Your Mortgage

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Copyright © 2011 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

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