Is your mortgage forbearance program about to expire?
Stephen Behrends • September 5, 2021
New Rules for Mortgage Lenders and Servicers May Help!
Are you in a mortgage forbearance program that is about to expire?
Good news! The Consumer Financial Protection Bureau has issued a new rule effective August 31, 2021 that requires loan servicers to help borrowers in forbearance to find options for repaying their loans. It also allows them to provide some repayment options without requiring a complete loan application from the borrower.
However, It is extremely important to reach out to your lender or servicer as soon as possible to find out about and have the opportunity to use the options available to you. Here's a link to the CFPB blog discussing the new rule. Paste it into your browser window to see the blog entry.
https://www.consumerfinance.gov/about-us/blog/new-mortgage-servicing-rule-aims-to-prevent-avoidable-foreclosures-as-protections-expire/
Call us to discuss the ramifications for you personally or if you have any questions about your financial situation.
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