From FoxBusiness.com….
Millions of homeowners who are struggling to make their mortgage payments due to the coronavirus pandemic could get a fresh reprieve under new rules proposed this week by the Consumer Financial Protection Bureau.
The plan would essentially prevent mortgage servicers from starting foreclosure proceedings until after Dec. 31, 2021, the CFPB said in a statement. More than 3 million households are behind on their mortgage payments, and nearly 1.7 million will exit their forbearance period in September.
“Millions of families are at risk of losing their homes to foreclosure in the coming months, even as the country opens back up,” CFPB Acting Director Dave Uejio said in a statement.
Bureau officials said the proposal is intended to give borrowers who had delayed or stopped paying their mortgage a chance to resume, or modify, their monthly payments before lenders move to take ownership or sell the home to recover the lost money.
