CFPB finalizing rule to extend limits on foreclosures as economy recovers
The U.S. consumer watchdog on Monday said it was finalizing a rule that would restrict mortgage servicers from foreclosing on borrowers behind on their mortgage payments, throwing a lifeline to hundreds of thousands of homeowners struggling because of the coronavirus pandemic.
The Consumer Financial Protection Bureau (CFPB) in April proposed, among other measures, a new review process that would generally prohibit mortgage servicers from starting a foreclosure until after Dec. 31. It aims to help around 900,000 homeowners due to exit covid-19 mortgage holiday or “forbearance” programs in coming months.
https://www.washingtonpost.com/business/economy/2021/06/28/b3088584-d81f-11eb-8fb8-aea56b785b00_story.html
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