What Is Foreclosure and What Can You Do To Stop It?

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Hundreds of New Foreclosure Protections:

On February 2, 2018, The Federal Reserve Bank announced a cap on the growth of Wells Fargo Bank’s assets until Wells Fargo could create and implement a plan to improve practices, compliance and training programs.

In 2018 State and Federal Government have vowed to levy harsher penalties against institutions caught practicing mortgage fraud. The largest consumer financial settlement in US history, The National Mortgage Settlement, was obtained in 2012 by 49 State Attorneys General against the country’s largest lenders. Since then, a federal appointed monitor has audited lenders’ compliance, uncovering attempts to evade regulation. Perhaps these continued evasion efforts are what have provoked enough complaints to be sent to the CFPB to prompt the CFPB to sue servicers. States are taking up the sword too. In fact, in 2016 alone, lawmakers in 31 states (and Puerto Rico) introduced hundreds foreclosure related legislation. The new amendments address concerns about robo-signing and tenant rights in foreclosure situations.

April 20, 2017, CFPB sued Ocwen, a large mortgage servicer. Ocwen made headlines all over the country. Few articles on the same date noted that the Federal Reserve announced two enforcement actions against Deutsche Bank AG that hold $156 million combined in civil money penalties. The penalties are being levied for non-compliance with the Volcker rule, §619 of 12 U.S.C § 1851, which is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This section was originally proposed by then US Federal Reserve Chairman Paul Volcker. In June of 2017 the Justice Department filed a friend of the court brief resulting in protection of the Wells Fargo Whistle-Blower Suit.

Current US President Donald Trump, based on concerns for some of the crippling sections of the Dodd-Frank Act, ordered a review of the bill and its effect on the US Mortgage industry. With the Financial Choice Act delayed in the Senate, many states are moving forward with their own legislation to find the balance between consumer protection and a healthy economic environment. 

If you need protection and are trying to stop foreclosure, but are getting no reasonable help from your lender, talk to us now. Your attorney is local to your jurisdiction and knows the current legislation and how to best navigate the ever-changing rules to find resolution for your situation.

Remember the old adage that knowledge is power? Knowledge of applicable legislation can be wielded against lenders who are not following proper procedure. Tell us what is happening to you. We can introduce you to an attorney who can help.

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Non-Wrongfully Foreclosed Resources

These Links are additional resources for the benefit of the consumer. The links lead to government websites that deal with the current issues being addressed in the mortgage industry. Mortgage Assist Now is not affiliated with any government program or agency, financial or credit institution or company.

Important Consumer Notice**

Wrongfullyforeclosed.com is a privately operated consumer service that offers borrowers valuable news, resources, access to licensed attorneys nationwide for mortgage mitigation, reinstatement, principal reduction, and various foreclosure alternatives.

Wrongfullyforeclosed.com is not a law firm and does not give legal advice or accept payments from consumers for any services.

Wrongfullyforeclosed.com IS NOT A GOVERNMENT AGENCY, OR AFFILIATED WITH ANY GOVERNMENT AGENCY OR ANY GOVERNMENT PROGRAMS, IS NOT A COUNSELING AGENCY OR SERVICE AND IS NOT A LENDER, BANK OR BANKER.