Good news for the many people currently going through financial difficulty and pursuing mortgage modification with their lender. As many of us know, getting anywhere with mortgage modification applications with lenders' loss mitigation departments is brutal. The following proposed Act in Connecticut may provide help by requiring lenders to be accountable and responsible:
Senate Bill 950 concerns mortgage lenders who bring foreclosure actions on residential real property. The bill would require the lender to provide the defendant with the name of and contact information for a lender representative who has the authority to process requests to refinance or modify the mortgage agreement, or to otherwise take action to avoid the foreclosure.
The bill also provides that the court may delay the entry of a judgment of foreclosure or a deficiency judgment if it is determined that the mortgagee has failed to provide such notice, has failed to respond within a reasonable time to a request from the mortgagor to refinance or modify the mortgage agreement, or has engaged in contact that the court deems to be an unfair or deceptive act or practice.
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