Federal Reserve Seeks to make it Harder For Homeowners to Fight Fraudulent Loans

The Federal Reserve seeks to initiate changes that will make it much harder for American homeowners to rescind abusive loans contracts and stop home foreclosures. The Feds hope to make changes to the provision in the Truth in Lending Act. The Act has remained the same for 42 years. This change will make it more likely that homeowners, who are facing foreclosure, will lose their home.

Federal Reserve Seeks to make it Harder For Homeowners to Fight Fraudulent Loans

Many consumer advocate groups are hoping that the Federal Reserve will not make these changes. They also want future changes to the law to be handled by the Consumer Financial Protection Bureau. Many feel this would benefit the American people by providing more protection from abusive and predatory practices by

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the mortgage industry. Thus, this proposed revision is thought to be unfair to homeowners.

It is surprising that the federal government would want to make such a modification during the current foreclosure crisis. Many people are alarmed because this revision will make it harder for homeowners to protect their homes from predators, when in actuality they should consider making the process easier for homeowners during this time of need.

What exactly would this revision change? It would require homeowners to pay off their loan balance before the lender removes the lien, or hold on their property. This would make it almost impossible for most homeowners, because they are already struggling to make their monthly mortgage payments which are a result of abuse and predatory lending. In the end, the homeowner would have to give up their property, because they would be unable to pay of the remainder of the abusive loan. Many find this to be ridiculous and unfair for homeowners.

The government claims that this change has been in the making since 2005. At

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that time, a plan was put into place to review and update the rescission process. The term, “rescission” means to end a contract. That plan would have made it easier to end an abusive contract between homeowner and lender.

The Truth in Lending Act has allowed homeowners to rescind illegal loans for up to three years from the date of the

contract if they were not given appropriate disclosure at the time of purchase. Once a rescission was found to be justified, the lender was required to remove the lien. This helped homeowners fight against mortgage fraud, and in turn helped them keep their home. With this proposed change, home buyers would be less able to protect themselves against abusive practices, including wrongful home foreclosures.

This new proposed

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revision showcases the need for homeowners to stay informed and educated on home foreclosure issues. Because of constant changes and the ongoing home foreclosure crisis, it is especially important for homeowners to stay up to date. The Foreclosure Defense Program offers many resources on home foreclosure, foreclosure defense attorneys, mortgage modification, and much more. For more information a

d to learn ways to better protect your family and your home, visit www.foreclosuredefense.com.

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