Rejected Renters to Get a Free Credit Report

On July 16, 2010, in Landlord-Tenant, by Robbie L. Vaughn, Esq.

Wall Street Reform Bill: Free credit report for rejected renters

The Dodd-Frank financial regulatory reform bill which passed through Congress and is headed for President Obama’s desk, contains a provision which will require that rejected renters be provided with a free copy of their credit report.

The Wall Street Journal reports that there is a provision in the bill that “would give prospective renters access to a free copy of the credit score that a landlord or broker used to evaluate their application.”

The article quotes a source as saying “that by forcing landlords to give out these credit scores, they would be deterred from using discriminatory factors like race or age in their decisions of whether or not to rent to particular applicants.”

Click here to read the entire article.

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As always, The Long Island Landlord-Tenant Law Firm of VAUGHN & WEBER, PLLC is here to assist you.  We are conveniently located in the heart of Nassau County, Long Island, at 217 Willis Avenue in Mineola, NY 11501.  Contact us at (516) 858-2620 to arrange a consultation with a  Landlord-Tenant attorney.

$1 Billion to Help Unemployed Homeowners Facing Foreclosure

On July 16, 2010, in Foreclosure, by Robbie L. Vaughn, Esq.

Wall Street Reform Bill: $1 billion fund to help unemployed homeowners avoid foreclosure

The Dodd-Frank financial regulatory reform bill which passed through Congress and is headed for President Obama’s desk, contains a provision that is likely to help some unemployed homeowners avoid foreclosure.

The Washington Independent reports that there is a provision in the bill to set up “the Emergency Homeowners’ Relief Fund…a $1 billion fund to help unemployed workers stay in their homes.” According to the article the fund should be in place by October 1, 2010 and “will offer qualified unemployed homeowners low-interest loans up to $50,000 to help them keep up with their mortgage payments and remain in their homes.”

The article also reminds us that “On July 1, the Treasury Department started up the Home Affordable Unemployment Program. Through the program, banks and lenders will let unemployed homeowners stop paying their mortgages for set periods of time while they look for work, or will reduce payments to less than 31 percent of the homeowner’s gross monthly income for a set amount of time. (That means that if the homeowner’s income is zero, the payment will be zero. If he or she is taking severance or receiving unemployment insurance, it will be about a third of that.)”

Also visit our Foreclosure category to learn more about foreclosure.

As always, The Foreclosure Defense Law Firm of VAUGHN & WEBER, PLLC is here to assist you.  We are conveniently located in the heart of Nassau County, Long Island, at 217 Willis Avenue in Mineola, NYContact us at (516) 858-2620 to arrange a consultation with a foreclosure defense attorney.

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