Consumer Advocacy Group Calls For Slowdown In Foreclosure Process

According to a press release issued by the National Community Reinvestment Coalition ("NCRC"), it is recommending to Federal lawmakers "to pass legislation that provides for 60-to-90 day stays in foreclosure proceedings nationwide to ensure that homeowners situations are properly assessed prior to facing needless and expensive foreclosure actions that strip equity."

The NCRC has been working directly with subprime borrowers helping them work out problem loans with lenders and servicers. They claim, however, that "its loan workouts have turned into fast sprints against law firms involved in the foreclosures."

The NCRC also asserts that "a congressionally-mandated stay would establish uniform and reasonable time periods across all states for loan workouts that often contain multiple lending abuses, not just one or two. He presented to the committee a list of 27 abuses often found in subprime borrowers' loans."

For more, see NCRC Calls For a Congressionally-Mandated Stay To Slow Down 'Foreclosure Mills' Operated By Law Firms Seeking to Profit from Borrowers' Troubled Loans (Repeats Call For FHA Re-financing, Responsible Servicing, National Rescue Fund & Strong Anti-Predatory Lending Law)
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