Does HR 5679 have an implication to the current dipping of foreclosure activities?
HR 5679, the Foreclosure Prevention and Sound Mortgage Servicing Act of 2008, authored by US Representative Maxine Waters would prohibit the introduction of a foreclosure if the mortgagee or servicer has failed to engage in “reasonable loss mitigation activities.” Aimed at resolving communication problems between servicers and homeowners, it requires servicers to provide a toll-free number in order for a borrower to talk directly to a person with the information and authority to fully resolve issues related to loss mitigation and specifies that such a person must be physically located in the United States. Aside from this, servicers are required to report to the HUD-certified housing counselor borrowers who are 60-days or more in default.
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