New Foreclosure Moratorium = Surge in New Foreclosures Before Rule Change in May, 2021.

There is a new foreclosure surge happening due to a possible foreclosure rule change that will stop new foreclosures until 2022. Banks are scrambling to file new foreclosure actions before they are prohibited by a new foreclosure moratorium. End of forbearance has put many people in mortgage default and those people can still receive a notice of default and new foreclosure action. CFPB (Consumer Financial Protection Bureau) is looking to create a new foreclosure moratorium for all new foreclosures until 2022. All mortgages that will be in default after May 1, 2021 would be affected. A complete pause in all foreclosures until 2022.

00:00 Introduction
02:05 Foreclosure Surge Has Started
02:43 Delay in Notice of Default
04:31 Some Can Still Be Foreclosed
05:52 Homeowner Assistance Fund
07:42 Apply for a Loan Modification
08:05 Final Thoughts on New Foreclosures
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