Released: April 06, 2021

New proposal would ban most foreclosures until 2022

Source: Stacy Cowley - New York Times

The Consumer Financial Protection Bureau proposed a new rule that would prevent servicers from starting foreclosure proceedings until after Dec. 31. The intent, bureau officials said, is to give borrowers coming off forbearance time to consider their options, such as whether they need a mortgage modification to reduce their monthly payments. The restriction would apply only to mortgages on homes used as primary residences.

Read Full Article: New proposal would ban most foreclosures until 2022