Are you behind on your mortgage? Do you or someone you know needs help stopping a foreclosure? Do not give up hope! According to the Consumer Financial Protection Bureau (CFPB), there are added protections against foreclosure in place through the end of this year. Here’s what you need to know:

So, What Kind of Help is Available?

According to the CFPB, new rules that will go into effect on August 31, 2021 will generally prevent mortgage lenders from foreclosing on a home without contacting homeowners first. This contact will be to offer information for a lower interest rate or an opportunity to change the loan in the hopes of making payments more feasible.

The idea is to ensure that mortgage companies properly take care of homeowners that are exiting the temporary pandemic-relief programs. Keep in mind that existing foreclosure moratorium that is in place for federally-backed mortgages will expire at the end of July 2021.

What Happens if a Modification Won’t Work?

If a modification will not work or you do not respond, a foreclosure can move forward. This may also effect an unoccupied property. However, the CFPB want to ensure that foreclosures are avoided, if possible.

Keep in mind some mortgage servicers may not motivated to help borrowers this year. This is due to the existing rules and updated ones that will begin soon. If you, or anyone you know needs help stopping a foreclosure please call us as we may be able to assist you in saving your home.

Need More Information on Stopping Foreclosure?

At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like you to get to know us. We want you to be sure that we are the perfect fit for you. This will allow you to be completely comfortable sharing intimate and difficult details of your case, so we can offer you representation to the fullest extent of the law. Call us today to set up a free consultation.