Trying to modify? Can’t be foreclosed on during the process — anymore.

When it comes to banks, many times the left hand doesn’t know (or chooses not to acknowledge) what the right hand is doing . Looks like they are required to now… Among the new mortgage rules to protect homeowners from foreclosure is a rule that prohibits servicers from foreclosing on borrowers who are seeking loan modifications.

Read CNN Money’s story covering what banks can’t do to mortgage holders facing foreclosure here:  New rules aim to protect homeowners from foreclosure

 

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