07/01/2021
As we exit the pandemic and the world starts getting back to "normal", we will also start to see evictions and foreclosures. The moratoriums are going to end. New rules are being issued to give guidance to the lenders concerning when they can start. Please be proactive and call an attorney before it is too late!!!.
Important information below..
The Consumer Finance Protection Bureau just released an amendment to Reg X regarding the criteria for banks to ramp up their foreclosure actions. It's pretty reasonable from the banks' perspective which we anticipated.
The article has been posted on the broker support site and a link to the DS News Article is below as well.
Article on broker support site: https://brokersupport.bkglistings.com/articles/71694223773/cfpb-announces-reg-x-amendment
DS News Article: https://dsnews.com/daily-dose/06-28-2021/new-cfpb-rules-drafted-to-ease-surge-in-foreclosures
Here's a brief excerpt:
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.
There are 900,000 homeowners expected to exit forbearance plans between now and the end of the year!
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