A variety of economic protections put into place as a result of the events of the past year are starting to come to a close. One such example is the federal foreclosure moratorium, which will be coming to a close at the end of August. As a result, foreclosures will resume at that time. This will affect homeowners in a variety of states, including California.
What protections remain in place?
Thankfully, homeowners who are behind in their mortgage are not without options, and foreclosure is not a forgone conclusion. Foreclosures can only start for homeowners who are 120 days or more behind in their mortgage. Furthermore, there are other protections. Mortgage owners must file applications, review assistance options, and attempt to connect with borrowers before starting proceedings. This means that a sudden foreclosure cannot happen, and it gives time for mortgage owners and residents to work out potential payment plans.
Furthermore, there is no shortage of people who are familiar with this subject and can provide you with appropriate legal advice.
These are new protections, put into place by the federal Consumer Financial Protection Bureau. They are designed to give homeowners time to stay in their homes and work out payment plans. Ideally, this will ensure that all homeowners are given the chance to stay in their homes, regardless of how far behind they are in their mortgage. Homeowners must show real attempts to make payments or modify their mortgages, however.
If you are being foreclosed unfairly, or you need help determining options to stay in your home, your best bet is to contact a lawyer as soon as possible. They can help you determine your rights and what you need to do in order to potentially stay in your home.