Members of the Committee for Actual Real Estate Solutions Inc. (CARES) are preparing to meet with House and Senate representatives in the Capitol next week to further discuss modification of the Fair Debt Collection Practices Act enabling attorneys engaged in loss mitigation and home retention activities to contact and assist troubled borrowers.
CARES says the increased demands upon servicers to perform loss mitigation and home retention creates opportunities for default attorneys to assist in contacting and educating defaulted borrowers, but at the same time, can expose the attorneys to allegations of violating what the group calls "out-of-date collections laws." CARES adds it will continue its efforts and has been asked to remain involved and available to present the position and perspective from its members.
SOURCE: CARES
