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Survey of State Foreclosure Laws
Foreclosure report by state.
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Ensuring Access to Sustainable Homeownership: 2022 Priorities
As the effects of the COVID-19 economic crisis continue, foreclosure prevention and accessible lending are key housing priorities for 2022. Mortgage market data demonstrate the need for stronger policies.
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Why Homeowner Assistance Fund Programs Should Be Accessible to Homeowners in Bankruptcy
The American Rescue Plan Act of 2021 includes $9.9 billion for creation of a Homeowner Assistance Fund (HAF) to be administered by the Treasury Department. The HAF was established to mitigate financial hardships connected with the coronavirus pandemic and prevent foreclosures among homeowners who have experienced a hardship related to the pandemic.
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Powerpoint: Forbearance Options and CARES Act Requirements
Outline for Forbearance Options and CARES Act Requirements, part of NCLC's CARES Act Mortgage Webinar Series
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The LIBOR Transition: Protecting Consumers and Investors
Testimony before the Senate Committee on Banking, Housing & Urban Affairs regarding the Libor transition and protections for consumers and investors.
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The End of LIBOR Risk & Solutions for Residential Mortgages
The LIBOR is the most widely used index for adjustable rate mortgages (ARMs). At the end of 2021 it will cease to exist or become unreliable. While mortgage contracts give noteholders the authority to replace the index, it has not been done on such a scale, and the standard contract language is problematic. The Alternative Reference Rate Committee (ARRC) has made recommendations for a new index and for the transition, but the ARRC’s recommendations are only voluntary.
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Support for the Improving Language Access in Mortgage Servicing Act of 2021
A coalition of organizations write to express our support for HR 3009, the Improving Language Access in Mortgage Servicing Act of 2021. LEP borrowers face many challenges that impede their full participation in the consumer marketplace, including, specifically, their ability to obtain and preserve ownership of a home. The Improving Language Access in Mortgage Servicing…
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Letter in support for Senate Bill 2131, the Improving FHA Support for Small Dollar Mortgages Act
A coalition of consumer and racial justice advocacy groups write in support of the Improving FHA Support for Small Dollar Mortgages Act, which addresses the need to increase access to sustainable mortgage lending for homebuyers who are buying homes with sale prices under $100,000. It has been well documented that banks are not currently serving…
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Stopping Foreclosures with the RESPA Servicing Rules
The Real Estate Settlement Procedures Act permits the borrower to demand that a mortgage servicer cancel or postpone a foreclosure sale when the servicer has initiated the foreclosure while still evaluating the borrower for loss mitigation options or during the 120-day pre-foreclosure waiting period.
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