Se Habla Español | Nou Pale Kreyòl

Real Estate Settlement Procedures Act (Regulation X), Loan Modifications and Foreclosure Sale Dates

There are many laws, at both the state and federal levels, that affect mortgage foreclosure proceedings and loan modifications. One of the many important federal laws to be aware of is commonly referred to as the “Real Estate Settlement Procedures Act (Regulation X)” and is set forth in the Code of Federal Regulations.

Even if you have been sued in foreclosure and a final judgment of foreclosure has already been entered by the Court against you, you may still have legal options to prevent a future foreclosure sale of your home. One such option is to timely apply for a loan modification. If you are approved for and accept a permanent loan modification, the final judgment of foreclosure will ultimately be lifted.

Pursuant to the pertinent sections of the Real Estate Settlement Procedures Act (Regulation X), the owner of your mortgage loan account and/or the owner’s loan servicer are prohibited by federal law from allowing a foreclosure sale of your home to occur if you timely submit a complete loan modification application prior to the foreclosure sale date.

The Real Estate Settlement Procedures Act (Regulation X) defines a “complete” loan modification application as a loan modification “application in connection with which a servicer has received all the information that the servicer requires from a borrower in evaluating applications for the [loan modification] options available to the borrower.” In other words, a loan modification application is deemed to be complete once the borrower has provided the owner or servicer of the mortgage loan account with all of the requested information on the loan modification application form and all supporting financial documentation requested by the owner or servicer to conduct its review of the application.

The Real Estate Settlement Procedures Act (Regulation X) provides that a complete loan modification application is deemed to be timely submitted so long as the owner or servicer of the mortgage loan account has received the complete loan modification application no less than 37 days prior to the scheduled foreclosure sale date.

If you are facing a foreclosure sale date of your home, Loan Lawyers, LLC may be able to help you avoid the foreclosure sale by timely applying for a loan modification. Please contact us today to schedule a free consultation to discuss your available options before time runs out. We look forward to representing you. There are many laws, at both the state and federal levels, that affect mortgage foreclosure proceedings and loan modifications. One of the many important federal laws to be aware of is commonly referred to as the “Real Estate Settlement Procedures Act (Regulation X)” and is set forth in the Code of Federal Regulations.

Even if you have been sued in foreclosure and a final judgment of foreclosure has already been entered by the Court against you, you may still have legal options to prevent a future foreclosure sale of your home. One such option is to timely apply for a loan modification. If you are approved for and accept a permanent loan modification, the final judgment of foreclosure will ultimately be lifted.

Pursuant to the pertinent sections of the Real Estate Settlement Procedures Act (Regulation X), the owner of your mortgage loan account and/or the owner’s loan servicer are prohibited by federal law from allowing a foreclosure sale of your home to occur if you timely submit a complete loan modification application prior to the foreclosure sale date.

The Real Estate Settlement Procedures Act (Regulation X) defines a “complete” loan modification application as a loan modification “application in connection with which a servicer has received all the information that the servicer requires from a borrower in evaluating applications for the [loan modification] options available to the borrower.” In other words, a loan modification application is deemed to be complete once the borrower has provided the owner or servicer of the mortgage loan account with all of the requested information on the loan modification application form and all supporting financial documentation requested by the owner or servicer to conduct its review of the application.

The Real Estate Settlement Procedures Act (Regulation X) provides that a complete loan modification application is deemed to be timely submitted so long as the owner or servicer of the mortgage loan account has received the complete loan modification application no less than 37 days prior to the scheduled foreclosure sale date.

If you are facing a foreclosure sale date of your home, Loan Lawyers, LLC may be able to help you avoid the foreclosure sale by timely applying for a loan modification. Please contact us today to schedule a free consultation to discuss your available options before time runs out. We look forward to representing you.

Categories: Loan Modifications
  • ABC News
  • American Civil Liberties Union
  • CBS 4
  • CNN
  • Daily Business Review
  • Florida Trend's - Florida Legal Elite 2014
  • Florida Trend's - Florida Legal Elite 2014
  • National Association of Consumer Advocates
  • National Association of Consumer Bankruptcy Attorneys
  • NBC News
  • National Consumer Law Center
  • The New York Times
  • Avvo
  • Avvo
  • Avvo
  • Avvo
<div class="video-wrap"> <object type="application/x-shockwave-flash" data="/Shared/videovault/lt/player.swf" width="100%" height="100%" bgcolor="#000000" id="FlashSWF045327554480172694" name="FlashSWF045327554480172694" tabindex="0"><param name="allowfullscreen" value="true"><param name="allowscriptaccess" value="always"><param name="seamlesstabbing" value="true"><param name="wmode" value="opaque"><param name="flashvars" value="netstreambasepath=http%3A%2F%2Ffight13com.scorpionlocal.com%2FAdmin%2FLayout%2FTemplate.aspx%3FT%3D45313%26preview%3Dfalse%26edit%3Dfalse%26editlayout%3Dfalse%26pageid%3D5538965&id=FlashSWF045327554480172694&file=%2Fmedia%2FBeing_harrassed_by_debt_collectors.mp4&image=/media/vpics/Loan-Lawyers-TV-Commercial-Stop-the-foreclosure_20140918044522.png&skin=glow&levels=%5B%5BJSON%5D%5D%5B%7B%22bitrate%22%3A185%2C%22file%22%3A%22%2Fmedia%2F150%2FBeing_harrassed_by_debt_collectors.mp4%22%2C%22width%22%3A0%7D%2C%7B%22bitrate%22%3A236%2C%22file%22%3A%22%2Fmedia%2F400%2FBeing_harrassed_by_debt_collectors.mp4%22%2C%22width%22%3A0%7D%2C%7B%22bitrate%22%3A349%2C%22file%22%3A%22%2Fmedia%2FLoan-Lawyers-TV-Commercial-Stop-the-foreclosure.mp4%22%2C%22width%22%3A0%7D%5D&controlbar.position=over"></object> <a href="/Video-Center.aspx" class="videoBtn">More Videos</a> </div>