Saturday , 23 January 2021

Confusion Over Loan Terms, Foreclosure on Non-Borrowing Spouses Top List of Complaints to CFPB

By Scott Morgan

Perhaps the most serious complaint comes from surviving, non-borrowing spouses. When the borrower spouse dies, surviving spouses suddenly face foreclosure, despite the fact that “some consumers report that their loan originator falsely assured them they would be able to add the other spouse to the loan at a later date,” the report states. Similarly, others complained that the loans are often difficult to repay and that lenders often throw obstacles in the way when consumers take steps to avoid foreclosure.

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