It seems kind of silly to have to ask the question, "is that a bedroom?" when you see what obviously looks like one. Our friend, you might just be surprised that what you see might NOT be a bedroom
The CFPB Is On The Watch
In a society where there are organizations that protect everyone, and every thing, it's comforting to know there is a protection agency for existing borrowers and home owners. Today we look at the CFPB; the Consumer Financial Protection Bureau.
Established after the 2008 housing market crisis, the CFPB is a government agency who's job is to protect consumers, consumer financial markets and the economy as a whole. The responsibilities of the CFPB were once divided among several different agencies, but is now a one stop source that protects consumers from unfair, deceptive, or abusive practices and takes action against companies that break the law. The bureau takes pride in arming consumers with the information and stepstools that they need to make smart financial decisions.
In the news this week, Consumer Affairs announced that in addition to ensuring that homeowners and struggling borrowers are treated fairly by mortgage servicers, the bureau has added several new protection rules for consumers:
Expanded foreclosure protection. Previously, services were required to provide foreclosure protections only once during the life of a loan. The revised rule requires that protections be offered again for borrowers who have brought their loans current at any time since submitting the prior complete loss mitigation application. It's intended to help homeowners who suffer an unrelated second hardship, such as job loss or death of a wage-earner.
Protection for survivors. If a borrower dies, the new rule ensures that qualified survivors will generally receive the same protections under the CFPB’s mortgage servicing rules as the original borrower.
Improved communication. Servicers must notify borrowers promptly and in writing that their application for loan mitigation is complete, so that borrowers have more information about their protections and the status of any foreclosure proceedings.
Servicing transfers. When mortgages are transferred from one servicer to another, borrowers who had applied to the prior servicer for loss mitigation may not know where they stand with the new servicer. The revised rule clarifies that generally the new servicer must comply with the loss mitigation requirements within the same timeframes that applied to the original servicer.
Are you in a situation in which the CFPB can help? Learn more on the website for the bureau: http://www.consumerfinance.gov.
The Shields Team takes great price in helping our clients be in-the-know when it comes to all things home ownership. If we can ever be of assistance with questions about the finance end of buying your new home, we're a phone call away!(423) 433-6517. We're in our office most days, and would love an opportunity to meet you! We're located inside Keller Williams Realty at 1033 Hamilton Place in Johnson City. Come by!
Holding a BS in Environmental Science, and MA in Education, real estate was not Shields Team Buyer Specialist Rayne Price's first career choice. It was only after encouragement from his wife and a cl....
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