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British authorities will “protect” mortgage debtors
British authorities will “protect” mortgage debtors
June 26, 2010Financial Services Authority (FSA) has published new rules that are aimed to protect those people who are falling behind on mortgage payments.
According to new regulations, companies will be prohibited to charge monthly fees for mortgages if the parties have signed an agreement on payment of arrears. Any payments made by the client should be forwarded to settle the debt on a monthly mortgage payment, rather than the cost of servicing a fine. Moreover, banks should resort to foreclosure procedure in the last turn, reports BBC News.
Finally, all financial institutions are required to record any telephone conversations over the debt with their customers and save them for three years.
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