The Consumer Financial Protection Bureau and the Conference of State Bank Supervisors have issued a guide describing borrowers’ rights to mortgage payment forbearance and foreclosure protection under federal law.
The document outlines the process for homeowners with federally backed loans under the Coronavirus Aid, Relief, and Economic Security Act.
“CFPB is working hand-in hand with other federal and state regulators to protect consumers during this national emergency,” said CFPB Director Kathy Kraninger. “CSBS has been a key partner as we all work together for consumers. This guide will help consumers to understand their options for mortgage relief during this challenging and unprecedented time.”
In addition to this guide, the CFPB has a centralized webpage with information on how consumers can protect their finances during the pandemic. It also launched a joint housing website with other federal regulators last week.
“State regulators are hearing from borrowers who are confused about mortgage relief, and, in some cases, getting inconsistent information about forbearance. And that’s why we’re partnering with the CFPB and Director Kraninger to release this guide for homeowners,” said CSBS President John Ryan.
CSBS maintains a state tracker with useful consumer information on topics such as mortgage forbearance, modification of loan terms, stays on evictions, restrictions on overdraft fees and more plus some common COVID-19-related scams on its COVID-19 Consumer Resources webpage.