Consumer Rights Talk E10: 14 Day Rule for Considering Loss Mitigation Offers

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Mortgage servicing companies are obligated to provide homeowners with a minimum of 14 days to consider all loss mitigation offers, including loan modifications.  This rule is set forth in the Real Estate Settlement Procedures Act 12 C.F.R. 1024.41.  If you are not provided 14 days to consider the offer, the servicing company is violating federal law.  Listen to learn more information about the risks and what to do.