The Consumer Financial Protection Bureau today spelled expanded foreclosure protections for non-borrowing spouses and other homeowners who are granted the same protections afforded to borrowers.
Through a proposal outlined by the Bureau and its director Richard Cordray, the CFPB would require servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan. It would also implement additional servicing transfer protections and work toward prevention of wrongful foreclosure sales.
“The Consumer Bureau is committed to ensuring that homeowners and struggling borrowers are treated fairly by mortgage servicers and that no one is wrongly foreclosed upon,” said CFPB Director Richard Cordray. “Today’s proposal would give greater protections to mortgage borrowers.”