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CFPB – Servicemembers, you have new mortgage protections in 2014

Via Holly Petraeus, CFPB - “It’s no secret that the housing crisis in recent years was particularly hard on military families. Servicemembers and their spouses at installations around the country, and even abroad, cited problems with mortgages as some of their most serious financial challenges. But now, the CFPB has written new mortgage rules that can help. More than a third of the consumer complaints we’ve received from the military are mortgage-related. And at listening sessions around the country, concerned military families have told me about the painful consequences of poor mortgage servicing, sloppy lender recordkeeping, and inconsistent foreclosure practices. Obviously, servicemembers aren’t the only homeowners who have run into trouble with mortgage servicers or faced financial hurdles. But the demands of military service sometimes increase the severity of the problems or limit the solutions available to address them. So, I’m happy to report that we’ve written new rules that address some of the worst problems in the mortgage servicing industry and bring new rights and protections to borrowers, including servicemembers. For military families, this means that when they seek help for a troubled mortgage or have to move because of Permanent Change of Station (PCS) orders, they will get fewer nasty surprises and face less risk of losing their home.”

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