Real Estate Articles

2021-04-07 CFPB Wants to Prevent Foreclosures Until End of the Year | By: Brad Beckett

CFPB Wants to Prevent Foreclosures Until End of the Year
By Brad Beckett 

A new rule proposed by the Consumer Financial Protection Bureau (CFPB)  seeks to prevent a wave of foreclosures as some pandemic protections for homeowners are set to expire.  According to CNBC, the rule, which would apply to all mortgages federal & private, will prevent mortgage servicers from initiating a foreclosure against delinquent borrowers through December 31, 2021.  The CFPB says 1.7 million borrowers could be at risk of foreclosure when the forbearance program ends in September and this number is higher than anything mortgage servicers have ever seen.  The proposed rule will still need final approval. 
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