Tackling Mortgage Problems: CFPB on Your Side

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Thursday, July 24th, 2014

Although foreclosures in the United States are down, many consumers seeking relief still have serious problems with their mortgage lenders and loan servicers.

If you are a struggling homeowner and can’t get help from your bank or loan servicer, get the CFPB on your side.  The consumer protection agency, which celebrates it anniversary this week, is actively helping homeowners and their advocates get the relief they deserve.

Check out this video story of Captain Jamison.   He’s a military attorney who got help for a soldier whose bank was giving him a hard time completing a short sale.  Thanks to the CFPB’s intervention, the soldier was able to complete the short sale and respond to his military orders to relocate to another state.

Three ways you can get the CFPB on your side. 

1.  Through AskCFPB, get clear, unbiased answers to your questions about financial products and services at consumerfinance.gov/askcfpb or by calling 1-855-411-CFPB (2372).

2.  Complain to the CFPB if you have a problem with how your lender or mortgage loan servicer is handling your mortgage.  Here are your complaint options:

  • Go online at www.consumerfinance.gov/complaint/#mortgage
  • Call the toll-free phone number at 1-855-411-CFPB (2372) or TTY/TDD phone number at 1-855-729-CFPB (2372)
  • Fax the CFPB at 1-855-237-2392 Mail a letter to: Consumer Financial Protection Bureau, P.O. Box 4503, Iowa City, Iowa 52244

The CFPB provides complaint-handling services to consumers in more than 180 languages and to consumers who are deaf, have hearing loss, or have speech disabilities via the Bureau’s toll-free telephone number.

The CFPB says that submitting a complaint won’t automatically stop or delay a foreclosure, but the CFPB will forward your complaint to the company to get an answer.  For more details about how the CFPB handles your complaint, click here.

3.  Read the CFPB’s advice for homeowners concerned about foreclosure.

Do you have a mortgage story to share?  Tell us now.

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