State Action Is Still Needed to Prevent Unnecessary Foreclosures and Evictions! Servicers, through their document processing factories, continue to crank out false affidavits and mortgage assignments to wrongfully foreclose on hard working Illinois families!
Why is this important?
Hundred's of thousands of families in Illinois have faced the painful, devastating process of foreclosure. Homeowner's in Illinois still have no recourse to save their homes. Pass a Homeowner Bill of Rights that will:
(1) Create a private right of action for borrowers to seek injunctive relief to stop material violations of the law and pause foreclosure, if the servicer fails to comply with any aspect of law.
(2) Create Civil remedies to penalize servicers for any material violations.
(3) Require servicers to offer modification to all eligible homeowners.
(4) Require servicers to assist homeowners in submitting documentation regarding the foreclosure process.
(5) Prohibit servicers from Robosigning.
(6) Restrict servicers from Dual-Tracking.
(7) Provide stricter underwriting standards for federally insured HECM (Reverse Mortgages) loans.
(8) Prohibit HUD from reinstating the HECM (Reverse Mortgages) standard fixed-rate full draw mortgage.
(9) Institute preventative measures to decrease the following risks for borrowers taking out Reverse Mortgages: Delinquent Taxes; Falling behind on homeowners insurance; and Home loss to foreclosure.
