About 2 million homeowners are still in some type of mortgage forbearance amid the health and financial fallout brought on by the Covid-19 pandemic. While the U.S. government extended the foreclosure moratorium through July 31, the Consumer Financial Protection Bureau isn’t planning to put any further bans on foreclosures in place.
Instead, to help homeowners who are behind on their mortgages and facing the end of their forbearance programs, the CFPB on Monday finalized a new rule that will establish three main safeguards that loan servicers will need to undertake before starting any foreclosure process. The new rule will go into effect on August 31, 2021.
The CFPB will put the following…