New Pub Advises Consumers What to Do If Mortgage Lender Closes or Files for Bankruptcy

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RISMEDIA, Dec. 21, 2007-A new Facts for Consumers publication issued by the Federal Trade Commission (FTC) advises consumers what to do if their mortgage company or mortgage servicing company closes or files for bankruptcy.

“How to Manage Your Mortgage If Your Lender Closes or Files for Bankruptcy” has several situation-based tips for consumers related to servicing transfers, escrow accounts, and payment disputes.

According to the publication, it suggests continuing making mortgage payments as usual. In addition, it also includes tips to become a more savvy consumer. The publication lists seven ways in which consumers can be more educated in the home buying/lending process.

To read the entire document, visit http://www.ftc.gov/os/2007/12/071219mortgage.pdf.

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Saturday, March 20, 2010