Act Quickly to Avoid Foreclosure

Experts say that a 2008-style housing crash is unlikely to happen now, if only because lending standards are much tighter than they were prior to the Great Recession. Still, foreclosures are starting to tick upward.

Without exception, everyone in real estate is talking about the lack of inventory. It’s been sinking for years – creating a lot of pent-up homebuyer demand – and is now at historic lows.

FHFA Prohibits Most Foreclosures Before CFPB Rules Take Effect

Despite a one-month gap between the end of the foreclosure moratorium and the start of new regulations to protect homeowners, mortgage servicers will not be able to begin foreclosure proceedings this year for most borrowers with loans backed by Fannie Mae or Freddie Mac, the Federal Housing Finance Agency said in a statement Tuesday.

CFPB Finalizes Rules to Delay Foreclosures

The Consumer Financial Protection Bureau has finalized temporary rules that will delay most foreclosures until next year, though the agency did create some exceptions that will allow mortgage servicers to begin the foreclosure process this year.

CFPB Seeks No Foreclosures This Year

The Consumer Financial Protection Bureau said Monday it is considering new rules aimed at averting a wave of foreclosures later this year when millions of homeowners are no longer allowed to put off making their mortgage payments.

Baker Signs Eviction Ban Bill

Gov. Charlie Baker signed a housing security bill on Monday to put a pause on evictions and foreclosures until after the coronavirus pandemic abates, finalizing an effort that took weeks for the legislature to negotiate.

NMSA Calls For Standardized Treatment Of Vacant Properties

The National Mortgage Servicing Association (NMSA) yesterday issued a report calling on all federal agencies to work together in conjunction with the mortgage servicing community to institute policies that standardize the procedures, definitions and best practices surrounding the treatment of vacant and abandoned residential properties.