Skip to main content
(404) 685-8800 Contact Us
New consumer protection rules help prevent foreclosure Atlanta, GA

Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Client Reviews

New consumer protection rules help prevent foreclosure

Judge Gavel, Scales of Justice and legal books on the desk

Mortgage servicers have until January of 2014 to come into compliance with some bold new consumer protection rules. The new regulations come courtesy of the Consumer Financial Protection Bureau, a new agency that regulates the banking industry on behalf of the average borrower.

New regulations require a series of changes that will help transform the way mortgage servicing companies deal with past-due borrowers. Under past, most lax regulation, billing statements were unclear, bank record keeping was not always accurate, and homeowners faced a mountain of confusing bureaucracy and poor internal communication when they tried to negotiate with the bank to adjust loan terms and stay in their homes.

Now, banks are required to start by changing their billing statements to be easier to read, with clear information about how much of the payment being made will go towards interest, fees, and the principle amount of the loan. In addition, the statements will also have clearer information about the status of past due payments and will warn borrowers much earlier when they are at risk for a foreclosure. Mortgage servicing companies will also be required to keep more accurate, up-to-date information on each account, ensuring that payments are properly credited and that collections calls and notices are made in error.

For borrowers who are behind or struggling to keep up with payments, mortgage servicing companies will now be required to provide a single form that borrowers can use to apply for a loan modification.

This will be a welcome relief for distressed borrowers in Atlanta who are looking for a way to stay in their homes and preserve their credit.

Source: Reuters, “U.S. consumer bureau issues rules to clean up mortgage servicing,” Emily Stephenson, Jan. 17, 2013.

Information about how Georgia borrowers can stop foreclosure is available on our website.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

First Free
Appointment



Disclaimer Privacy Policy

I have read the Disclaimer and Privacy Policy

Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

Write a review