CFPB Ruling - Updated

[Chris Seveney]

CFPB appears to have come out today with some updates regarding foreclosure moratoriums

Below is link to article from DSnews, excerpt and link to CFPB ruling

In some cases, foreclosures are not unavoidable, and under the CFPB’s new rule, foreclosures will be able to start if the borrower:

Has abandoned the property;

Was more than 120 days behind on their mortgage before March 1, 2020;

Is more than 120 days behind on their mortgage payments and has not responded to specific required outreach from the mortgage servicer for 90 days; or

Has been evaluated for all options other than foreclosure and there are no available options to avoid foreclosure.

https://dsnews.com/daily-dose/06-28-2021/new-cfpb-rules-drafted-to-ease-surge-in-foreclosures

https://files.consumerfinance.gov/f/documents/cfpb_covid-mortgage-servicing_final-rule_2021-06.pdf