California SB 1275 bill would make Chase actually talk to you
Chase is notorious for doing things that HUGELY affects its customers and never actually telling them. For example, changing minimum payments, interest rates, or available credit which customers only find about if they happen to notice the changes on their bill.
Chase is also notorious for foreclosing on properties such that the homeowners only find out about it when someone knocks on their door to take possession of the property.
Well, if CA bill 1275 is passed, they would be required to communicate their customers in the following ways:
- Mail borrowers a notice informing them of their foreclosure-related rights and foreclosure avoidance options that may be available to them.
- Mail borrowers an application for a loan modification or other alternative to foreclosure.
- Evaluate borrowers who submit a written request for a loan modification or other alternative to foreclosure for that modification or other alternative.
- Mail borrowers who have been denied a loan modification or other alternative to foreclosure a detailed denial explanation letter explaining the reasons for their denial.
Presumably, if the bank fails to properly communicate these things, homeowners will have some recourse to go after them in case of foreclosure.
Furthermore, the bill contains provisions that would allow homeowners to get foreclosure sales reversed if they are due to servicer errors. There is presently no recourse for this.
Foreclosure, Loan modification | admin June 20, 2010
