Foreclosures, Mortgages

As explained in this article, an August federal court decision finds that Fannie Mae and Freddie Mac are state actors, meaning their foreclosures must meet constitutional due process standards. This ruling thus has the potential to reshape most foreclosures in the majority of states that allow nonjudicial foreclosures.

Critical CFPB rules governing mortgage servicing are now in effect as of October 19. As described in this article, the rules provide essential protections for homeowners applying for loan modifications to avoid foreclosure or otherwise dealing with mortgage servicers.

For closed-end mortgage loan applications received on or after October 3, 2015, a single TILA/RESPA integrated disclosure regime now applies. The former rules continue to apply to covered mortgage loans for which applications were received before October 3, 2015 and to new loans not covered by the new amendments. NCLC’s Truth in Lending (9th ed. 2015) (two volumes) and its online version describes...

As explained in this article, effective April 19, CFPB mortgage servicing rules expand the rights of those inheriting homes, awarded a marital home in divorce, or otherwise succeeding in interest to a mortgage loan. The rules also offer an important new right for debtors in bankruptcy to determine if mortgage servicer fees and application of mortgage payments are proper.

This article, explains a homeowner’s general rights to defend or delay a pending home foreclosure, how a chapter 13 bankruptcy can avoid foreclosure, the homeowner’s rights after the foreclosure sale, and additional rights to deal with nine special types of foreclosures.

This article explains options homeowners in financial trouble currently have to delay or reduce their mortgage payments. The latest guidelines are set out for Fannie Mae, Freddie Mac, FHA, VA, and RHS mortgage loans. The article also provides advice on applying for these options and deciding which option to select.

On May 24, the President signed legislation amending eight consumer statutes—everything from rights of tenants in foreclosed property to mortgage originations to private student loans to credit reporting. This article highlights the changes—both harmful and helpful for consumers.

Reverse mortgages are one way that families in financial distress can tap into the equity in their homes to meet their needs. This article provides advice for consumers on who should consider a reverse mortgage, how it works, foreclosure risks, impacts on spouses, partners, and heirs, and whether it is a good idea.

As explained in this article, February legislation provides important tax relief to homeowners who faced foreclosure, short sales, or loan modifications in 2017. The Qualified Principal Residence Indebtedness exclusion that had expired after 2016 has been extended, allowing homeowners to continue excluding certain forgiven mortgage debt from taxable income.