Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Many Homeowner Complaints About Bank Practices In Past Six Months

Any distressed homeowners out there notice that the banks have become slightly more “user friendly”? One reason for this would be that today new restrictions on foreclosure practices goes into effect.

The national mortgage settlement that the states (including California) and the “big five” lenders – Bank of America, Wells Fargo, JPMorgan Chase, Citibank and Ally/GMAC bank – includes hundreds of banking and consumer reforms including a ban on “dual tracking.”  Dual tracking occurs when the banks simultaneously work on loan modification while actively continuing the foreclosures process.

In the past six months, the California monitor’s office has received 1,482 complaints and inquiries from California homeowners. According to the settlement, banks had six months to modify their practices to meet the terms of the settlement. Although many of the laws take effect on January 1, 2013, many of the bank practices have already altered their tactics according to the California monitors office.

Full Settlement Laws Take Effect January 1, 2013

At least 130,000 California families found themselves in the foreclosure process when the banks and states agreed on the settlement. So far the program has reviewed 373 cases which have given homeowners assistance or helped them receive a satisfactory response from the bank according to the monitor’s office.

Now homeowners just need to wait patiently for the California Homeowner Bill of Rights bill to kick in January 1.

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

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Filed under Banks, California, Foreclosure, Loan Modifications, pre-foreclosure

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