The new Federal Consumer Financial Protection Bureau has announced that it will begin testing a new standard mortgage foreclosure form beginning in May. The forms will be major revisions of the two forms that borrowers receive when taking out a new mortgage loan. Consumer advocates believe the old forms are confusing to many homeowners and one of the major initial tasks of the Consumer Financial Protection Bureau is to "make mortgages more consumer friendly" and to make the costs associated with taking out a mortgage more clear,
The new forms will be overhauls of the forms required under the Truth in Lending Act of 1968 and the Real Estate Settlement Procedures Act of 1974. Consumer advocates believe that the forms are confusing and too lengthy for many homeowners to fully understand. Officials with the Consumer Financial Protection Bureau have been working diligently on the format and content of the new forms with members of banks and others in the housing industry.
While many people will call these efforts little more than a trivial step toward fixing the foreclosure mess, clear understanding of the costs and ramifications of purchasing a home is an important step. If you are facing a Florida Foreclosure Lawsuit and you believe that you were a victim of predatory lending, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today to see what defenses may be available to you.
