The Consumer Financial Protection Bureau received a settlement on behalf of consumers for the amount of $1.275 million in their lawsuit against the Specialized Loan Servicing (SLS), a Colorado based mortgage loan servicer. In 2014, the CFPB discovered that SLS has breached Real Estate Settlement Procedures Act (RESPA) and Regulation X. In this case, each of these were violated by the SLS as they were taking forbidden foreclosure actions against mortgage borrowers who initially had protection from being foreclosed on. This is also a violation to The Consumer Financial Protection Act of 2010. Consumers who were victims of these practices will receive a collective $750,000 in restitution.
Do you feel that you are a victim of foreclosure fraud? Contact our offices at 816-524-4949 or visit our website at Hoorfarlaw.com to schedule an appointment to speak to one of our attorneys today.