Many homeowners report that their servicers push them to take on new, higher-interest loans instead of keeping their existing mortgage, leading to added financial stress.
CFPB Director Rohit Chopra emphasized the difficulties faced during emotionally taxing times, asserting, 'When someone loses a spouse or goes through a divorce, the last thing they need is their mortgage servicer giving them the runaround.'
The report reveals mortgage servicers often blame external factors such as processing volumes, rather than acknowledging their responsibility for inadequate customer service during vulnerable times.
Survivors of domestic violence face heightened challenges as mortgage companies send critical information to the abuser, endangering their safety and undermining their ability to manage financial obligations.
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