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Mortgage Bill of Rights

Posted by CM on July 29, 2009


Help create a Mortgage Bill of Rights! 

MORTGAGE BILL OF RIGHTS
{A work in progress}

  1. In a free market, capitalist society, one should have the ability to move from place to place.
  2. It should be reasonable to sell one’s home for the payout amount.  If after sufficient time has  passed without the home being sold for the payout amount, the bank and/or mortgage service provider should
                        A. Realize that the market value of the home has decreased,
                        B. Realize that all efforts have been made to sell the home and
                        C. Then step in to help the home sell, such as accepting a short sale, or deed in lieu
  3. No one shall incur a credit report penalty due to negligence on the part of banks and/or mortgage service providers.  One meaning of negligence could be defined as not accepting a reasonable short sale offer in a timely manner.
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