MORTGAGE RIGHTS
Loan Modification Mistakes Loss Mitigation Offer Letters Before the CFPB servicing regulations were adopted, homeowners often did not know that there were options available to avoid foreclosure. Those who did apply for modifications sometimes found themselves stuck in a cycle of lost paperwork and redundant document requests while their foreclosure dates grew nearer. The servicing rules now require that if a servicer receives a loss mitigation application 45 days or more before a foreclosure sale, it must notify the borrower in writing within five days to acknowledge receipt of the application and whether it is complete or incomplete. If incomplete, the notice must state the additional documents and information the borrower must submit to complete the application and a reasonable date by which the borrower should submit those documents and information. Although the regulations became effective in January of 2014, they have not been fully followed. The problems you may encounter during this stage of the process include: Servicers who fail to send any loss mitigation acknowledgment notices (the notice that the servicer has received your application for a modification); Deceptive statements in loss mitigation acknowledgment notices that homes would not be foreclosed on before the deadline passed for submitting missing documents. The representations were deceptive because the servicers foreclosed on homes before the submission deadline. Even if the rules permitted the servicer to foreclose, the representation is still deceptive; The loss mitigation notices were not sent within 5 days, as required by the regulations; and The loss mitigation run-around: Servicers fail to tell homeowners the additional documents and information for borrowers to submit to complete the application, such as income and tax forms that the servicer’s internal records show are necessary at the time the application is received. Instead, servicers separately requested the necessary documents several weeks after the acknowledgment notice; Servicers request documents, sometimes dozens in number, inapplicable to borrower circumstances and which were not needed to evaluate borrowers for loss mitigation; Servicers request documents that homeowners have already submitted; Servicers fail to set a reasonable date by which borrowers must return additional documents and information; Servicers give borrowers 30 days to submit additional documents, but deny the homeowners' applications for loss mitigation before 30 days; and Servicers fail to inform homeowerns that they should consider contacting servicers of any other mortgage loans secured by the same property to discuss available loss mitigation options.
NEXT: Loan Modification Denial Letters
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
Loan Modification Mistakes Loss Mitigation Offer Letters Before the CFPB servicing regulations were adopted, homeowners often did not know that there were options available to avoid foreclosure. Those who did apply for modifications sometimes found themselves stuck in a cycle of lost paperwork and redundant document requests while their foreclosure dates grew nearer. The servicing rules now require that if a servicer receives a loss mitigation application 45 days or more before a foreclosure sale, it must notify the borrower in writing within five days to acknowledge receipt of the application and whether it is complete or incomplete. If incomplete, the notice must state the additional documents and information the borrower must submit to complete the application and a reasonable date by which the borrower should submit those documents and information. Although the regulations became effective in January of 2014, they have not been fully followed. The problems you may encounter during this stage of the process include: Servicers who fail to send any loss mitigation acknowledgment notices (the notice that the servicer has received your application for a modification); Deceptive statements in loss mitigation acknowledgment notices that homes would not be foreclosed on before the deadline passed for submitting missing documents. The representations were deceptive because the servicers foreclosed on homes before the submission deadline. Even if the rules permitted the servicer to foreclose, the representation is still deceptive; The loss mitigation notices were not sent within 5 days, as required by the regulations; and The loss mitigation run-around: Servicers fail to tell homeowners the additional documents and information for borrowers to submit to complete the application, such as income and tax forms that the servicer’s internal records show are necessary at the time the application is received. Instead, servicers separately requested the necessary documents several weeks after the acknowledgment notice; Servicers request documents, sometimes dozens in number, inapplicable to borrower circumstances and which were not needed to evaluate borrowers for loss mitigation; Servicers request documents that homeowners have already submitted; Servicers fail to set a reasonable date by which borrowers must return additional documents and information; Servicers give borrowers 30 days to submit additional documents, but deny the homeowners' applications for loss mitigation before 30 days; and Servicers fail to inform homeowerns that they should consider contacting servicers of any other mortgage loans secured by the same property to discuss available loss mitigation options.
 MORTGAGE RIGHTS
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
Loan Modification Mistakes Loss Mitigation Offer Letters Before the CFPB servicing regulations were adopted, homeowners often did not know that there were options available to avoid foreclosure. Those who did apply for modifications sometimes found themselves stuck in a cycle of lost paperwork and redundant document requests while their foreclosure dates grew nearer. The servicing rules now require that if a servicer receives a loss mitigation application 45 days or more before a foreclosure sale, it must notify the borrower in writing within five days to acknowledge receipt of the application and whether it is complete or incomplete. If incomplete, the notice must state the additional documents and information the borrower must submit to complete the application and a reasonable date by which the borrower should submit those documents and information. Although the regulations became effective in January of 2014, they have not been fully followed. The problems you may encounter during this stage of the process include: Servicers who fail to send any loss mitigation acknowledgment notices (the notice that the servicer has received your application for a modification); Deceptive statements in loss mitigation acknowledgment notices that homes would not be foreclosed on before the deadline passed for submitting missing documents. The representations were deceptive because the servicers foreclosed on homes before the submission deadline. Even if the rules permitted the servicer to foreclose, the representation is still deceptive; The loss mitigation notices were not sent within 5 days, as required by the regulations; and The loss mitigation run-around: Servicers fail to tell homeowners the additional documents and information for borrowers to submit to complete the application, such as income and tax forms that the servicer’s internal records show are necessary at the time the application is received. Instead, servicers separately requested the necessary documents several weeks after the acknowledgment notice; Servicers request documents, sometimes dozens in number, inapplicable to borrower circumstances and which were not needed to evaluate borrowers for loss mitigation; Servicers request documents that homeowners have already submitted; Servicers fail to set a reasonable date by which borrowers must return additional documents and information; Servicers give borrowers 30 days to submit additional documents, but deny the homeowners' applications for loss mitigation before 30 days; and Servicers fail to inform homeowerns that they should consider contacting servicers of any other mortgage loans secured by the same property to discuss available loss mitigation options.
 MORTGAGE RIGHTS
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
Loan Modification Mistakes Loss Mitigation Offer Letters Before the CFPB servicing regulations were adopted, homeowners often did not know that there were options available to avoid foreclosure. Those who did apply for modifications sometimes found themselves stuck in a cycle of lost paperwork and redundant document requests while their foreclosure dates grew nearer. The servicing rules now require that if a servicer receives a loss mitigation application 45 days or more before a foreclosure sale, it must notify the borrower in writing within five days to acknowledge receipt of the application and whether it is complete or incomplete. If incomplete, the notice must state the additional documents and information the borrower must submit to complete the application and a reasonable date by which the borrower should submit those documents and information. Although the regulations became effective in January of 2014, they have not been fully followed. The problems you may encounter during this stage of the process include: Servicers who fail to send any loss mitigation acknowledgment notices (the notice that the servicer has received your application for a modification); Deceptive statements in loss mitigation acknowledgment notices that homes would not be foreclosed on before the deadline passed for submitting missing documents. The representations were deceptive because the servicers foreclosed on homes before the submission deadline. Even if the rules permitted the servicer to foreclose, the representation is still deceptive; The loss mitigation notices were not sent within 5 days, as required by the regulations; and The loss mitigation run-around: Servicers fail to tell homeowners the additional documents and information for borrowers to submit to complete the application, such as income and tax forms that the servicer’s internal records show are necessary at the time the application is received. Instead, servicers separately requested the necessary documents several weeks after the acknowledgment notice; Servicers request documents, sometimes dozens in number, inapplicable to borrower circumstances and which were not needed to evaluate borrowers for loss mitigation; Servicers request documents that homeowners have already submitted; Servicers fail to set a reasonable date by which borrowers must return additional documents and information; Servicers give borrowers 30 days to submit additional documents, but deny the homeowners' applications for loss mitigation before 30 days; and Servicers fail to inform homeowerns that they should consider contacting servicers of any other mortgage loans secured by the same property to discuss available loss mitigation options.
 MORTGAGE RIGHTS
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
Loan Modification Mistakes Loss Mitigation Offer Letters Before the CFPB servicing regulations were adopted, homeowners often did not know that there were options available to avoid foreclosure. Those who did apply for modifications sometimes found themselves stuck in a cycle of lost paperwork and redundant document requests while their foreclosure dates grew nearer. The servicing rules now require that if a servicer receives a loss mitigation application 45 days or more before a foreclosure sale, it must notify the borrower in writing within five days to acknowledge receipt of the application and whether it is complete or incomplete. If incomplete, the notice must state the additional documents and information the borrower must submit to complete the application and a reasonable date by which the borrower should submit those documents and information. Although the regulations became effective in January of 2014, they have not been fully followed. The problems you may encounter during this stage of the process include: Servicers who fail to send any loss mitigation acknowledgment notices (the notice that the servicer has received your application for a modification); Deceptive statements in loss mitigation acknowledgment notices that homes would not be foreclosed on before the deadline passed for submitting missing documents. The representations were deceptive because the servicers foreclosed on homes before the submission deadline. Even if the rules permitted the servicer to foreclose, the representation is still deceptive; The loss mitigation notices were not sent within 5 days, as required by the regulations; and The loss mitigation run-around: Servicers fail to tell homeowners the additional documents and information for borrowers to submit to complete the application, such as income and tax forms that the servicer’s internal records show are necessary at the time the application is received. Instead, servicers separately requested the necessary documents several weeks after the acknowledgment notice; Servicers request documents, sometimes dozens in number, inapplicable to borrower circumstances and which were not needed to evaluate borrowers for loss mitigation; Servicers request documents that homeowners have already submitted; Servicers fail to set a reasonable date by which borrowers must return additional documents and information; Servicers give borrowers 30 days to submit additional documents, but deny the homeowners' applications for loss mitigation before 30 days; and Servicers fail to inform homeowerns that they should consider contacting servicers of any other mortgage loans secured by the same property to discuss available loss mitigation options.
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.  MORTGAGE RIGHTS