The Consumer Financial Protection Bureau announced it will fine Fay Servicing more than $1 million for illegal foreclosure practices. An investigation found the mortgage servicing company was “keeping borrowers in the dark” about their foreclosure prevention options.
The Bureau stated, “Fay Servicing illegally launched or moved forward with the foreclosure process while borrowers were actively seeking help to save their homes.” The investigation further unveiled that Fay Servicing violated the bureau’s mortgage servicing rules related to borrowers’ foreclosure rights.
The CFPB’s mortgage servicing rules state that servicers must keep borrowers informed about requirements, options, and rights throughout the process of applying for foreclosure relief. In addition, the servicer must provide certain protections from foreclosure proceedings during the application process in certain cases.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.