Foreclosure

questions & answers

Question: Can a bank start a foreclosure while they are in the process of doing a modification for homeowner?

Answer:

The widespread practice of initiating foreclosure while the borrower is attempting a modification is called "dual-tracking."  The National Mortgage Settlement put in place requirements that dual-tracking stop with certain loans.  The settlement covers the five major banks that were party to the settlement.  Additionally, the Consumer Financial Protection Bureau has instituted new restrictions on the process.  To determine if the borrower violated the terms of the settlement or CFPB rules contact an attorney directly.  A borrower seeking free or reduced fee legal assistance, living in Arizona, may apply on the Arizona Online Intake System.  Additionally counseling services may assist in working with the lenders on modifications, information is available on the Arizona Attorney General's website.

QUESTIONS

  • Can a bank start a foreclosure while they are in the process of doing a modification for homeowner?

STORIES

  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • He told me that I could actually get all the money I needed by using my home as collateral. . .

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