CFPB approves new foreclosure protections, but not blanket ban

 

Source: Michelle Price, Reuters

Under the new rule, from Aug. 31, 2021 through Dec. 31, 2021, mortgage servicers may only refer 120-day delinquent accounts for foreclosure provided at least one of three new temporary safeguards has been met: the borrower has been thoroughly evaluated and there are no available options to avoid foreclosure; the property is abandoned; the borrower is unresponsive to servicer outreach.

The rule will allow mortgage servicers to offer streamlined loan modifications, which cannot increase borrowers payments; it also doesn’t require borrowers to submit full paperwork.

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