Homeowners’ Bill of Rights

The Homeowners' Bill of Rights is a set of laws designed to protect homeowners, particularly during the mortgage process and in cases of foreclosure. It ensures that homeowners are treated fairly by banks and lenders, requiring clear communication about loan modifications, loss mitigation options, and the foreclosure process. The Bill mandates that lenders must provide homeowners with specific information, include a single point of contact for assistance, and prohibits dual-tracking, where a foreclosure is pursued while a loan modification request is pending. Overall, it aims to provide transparency and safeguard homeowners' rights.