The Consumer Financial Protection Bureau (CFPB) has proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire.
The proposed amendments would establish a temporary COVID-19 emergency pre-foreclosure review period until Dec. 31, 2021, for principal residences and temporarily permit mortgage servicers to offer certain loan modifications made available to borrowers based on the evaluation of an incomplete application.
Read on for details from the CFPB.
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