Friday, February 15, 2013

Stricter standards

"The new California law includes stricter standards for mortgage servicers such as a prohibition on "dual tracking" - simultaneously pursuing a foreclosure while borrowers are in the process of applying for a loan modification - and fines of as much as $7,500 per loan for filing unverified foreclosure documents, according to Blomquist.

 U.S. foreclosure filings fell 28 percent last month from a year earlier to the lowest level since April 2007, as a new California law slowed first-time defaults in the most-populous state, according to RealtyTrac."



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