Positive Note From NY

New York, the home of the Giants, Yankees and wonderful hot dog push carts (Used to love lunch at those things), has reached agreements with three major mortgage servicers. The agreements were made by the state's Department of Financial Services. The servicers voluntarily agreed to abide by improved mortgage servicing standards that are focused on fairer treatment of borrowers whose loans they service. The servicers in the agreements are: Texas-based Saxon, a Morgan Stanley subsidiary, and American Home Mortgage Servicing, and Oklahoma-headquartered Vericrest Financial. These new standards are the same as those previously agreed to by Ocwen and Goldman Sachs. They include termination of robo-signing and "dual tracking". The latter is proceeding on a foreclosure course with a homeowner while simultaneously negotiating a loan modification. Also provided for is a single point of contact at the servicer for borrowers who are involved in one or more of these processes. Past violations still may not be investigated, however.
If you need more info, check with your servicer, or contact the New York Department of Financial Services. Its web site is: www.dfs.ny.gov . As always, Good Luck.