Source: Fox Business —
As foreclosure moratoriums come to an end, the Consumer Financial Protection Bureau (CFPB) released a new mortgage servicing rule that took effect Aug. 31 to help prevent foreclosures for borrowers facing delinquency. The rule will prevent most foreclosures from taking place before January 2022.
Millions of homeowners went into mortgage forbearance due to economic hardship brought on by the COVID-19 pandemic. As many of those forbearance periods come to an end, the CFPB is installing new mortgage relief options to help prevent “avoidable foreclosures.” Under the new servicing rule, most mortgage servicers will be required to take extra steps to help homeowners in forbearance with options for repaying their mortgages.
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