BANKS CAN START FORECLOSING PROCEEDINGS JULY 1st
It’s been over a year since lenders and the federal government stepped in to help Americans stay in their homes amid the global health and economic crisis caused by the Covid-19 pandemic. And many Americans still need that support.
For now, many are protected from eviction through a foreclosure moratorium on federally backed loans. But those protections are running short on time. President Biden extended the federal foreclosure moratorium earlier this year, but that will expire on June 30, 2021. Many of the forbearance programs on federally backed loans are set to lapse this fall.
The U.S. consumer watchdog in coming weeks will adopt a rule requiring mortgage servicers to give struggling homeowners until next year to resume repayments, but is expected to carve out some groups of borrowers.
Read more… click to learn about excluded groups to this rule.
If you’re in a situation where your home may be at risk, know that you have options. We can help find the best option for you.
Don’t hesitate to reach out.