COVID-19, Foreclosure Defense, Foreclosures

Emergency Mortgage Relief Could Extend Through 2022

Since the start of the COVID-19 pandemic, millions of homeowners have benefited from the mortgage relief programs offered by the federal government, and some private lenders.  Now that a year has passed, approximately 2.5 million homeowners are still enrolled in some sort of mortgage relief program, whether it be payment suspension or mortgage forbearance, according to the Mortgage Bankers Association (MBA) 

It is for this reason that the Consumer Financial Protection Bureau (CFPB) wants to extend these provisions and programs further into the future to ensure that these homeowners are not forced into foreclosure.  

Foreclosure Defense, Foreclosures

10 Percent of American Families at Risk of Eviction, Foreclosure

More than 11 million American families are facing a crisis when it comes to housing, specifically when it comes to making their rent and mortgage payments, according to a new report released by the Consumer Financial Protection Bureau (CFPB).

The CFPB conducted a survey of the housing market during the coronavirus (COVID-19) pandemic and found that approximately 2.1 million American families are at least three months or more behind on their mortgage payments. Approximately 8.8 million of them are late on paying their rent.  

COVID-19, Debt Relief, Foreclosures

Biden Extends Ban on Evictions and Foreclosures through March

Shortly after being sworn in as the nation’s 46th president, Joe Biden signed several executive orders. One of these signed orders included extending the ban on evictions and foreclosures for individuals affected by the COVID-19 crisis.

This new order extends the Centers for Disease Control and Prevention’s (CDC) moratorium that was set to expire on January 31, 2021. The CDC’s order first went into effect in September 2020. This new executive order extends the ban for at least an additional two months past the expiration date.

Coronavirus, COVID-19, Foreclosure Defense, Foreclosures

Covid-19 Mortgage Bailouts Decline, New Foreclosure Crisis Looming

Homeowners are struggling to keep up with their mortgage payments as the coronavirus (COVID-19) crisis continues. The mortgage bailouts offered by the federal government and private sector during the crisis have helped temporarily, but as the number of bailouts begin to decline, many homeowners are finding themselves facing the possibility of impending foreclosure.

According to figures from Black Knight, a mortgage technology and data firm, approximately 3.7 million borrowers are still receiving assistance through federal government and private sector mortgage forbearance programs.  This figure represents nearly seven percent of all active mortgages. Forbearance plans allow borrowers to temporarily delay monthly payments for anywhere between three months to a year.

Coronavirus, COVID-19, Foreclosure Defense, Foreclosures

Governor DeSantis Issues Amended Executive Order on Foreclosures and Evictions

The statewide moratorium on evictions and foreclosures during the coronavirus (COVID-19) crisis has been extended via an executive order issued by Gov. Ron DeSantis. However, critics are questioning the language within the order itself as to just what it means for Florida residents facing evictions or foreclosures.

The executive order was signed and announced on July 29. However, the amended language in this new executive order does not prevent all evictions and foreclosures like the previous one did.