No Foreclosures Until 2022 if New CFPB Rule Passes

Homeowners may be in line for added relief during the pandemic.

Millions of Americans have been struggling with unemployment and dealing with income loss over the past year. This includes homeowners. The good news is that there has been some relief for mortgage borrowers since the start of the pandemic.

For one thing, forbearance has helped put a pause on monthly mortgage payments. Lenders have also been barred from moving forward with foreclosure proceedings against borrowers who are delinquent on their payments. And now, the Consumer Financial Protection Bureau (CFPB) is proposing a new rule in an effort to prevent a wave of foreclosures later this year.