A tsunami of deferred debt is about to hit homeowners

Source: Julia Ingram, Washington Post (Paid Registration)

While Congress approved $10 billion in federal assistance to help homeowners pay off debt, the program is moving so slowly that protections are expiring before states have figured out how to distribute the money.

A new rule adopted by the CFPB requires mortgage servicers to review an application from homeowners before initiating a foreclosure in 2021, which allows homeowners to explore all possible options for resolving debt, including selling the home, pushing the debt to the end of the loan, or reducing the monthly payment.  But the CFPB’s protections don’t go into effect until Aug. 31.

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