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The Consumer Financial Protection Bureau encouraged mortgage servicers to sign up for Homeowner Assistance Fund programs to help homeowners avoid foreclosure.
CFPB: In a new blog post, the CFPB said more than 768,000 mortgage borrowers remain in active forbearance as of March 1, with many at risk of foreclosure unless they receive loss-mitigation assistance.
Background: Authorized under the American Rescue Plan Act, HAF programs:
Assist homeowners who have experienced a COVID-related financial hardship and need assistance with housing costs.
Are open in nearly 30 states, with more expected to open in the coming weeks.
More: More information on HAFs is available on the National Council of State Housing Agencies’ HAF webpage. Community bankers can connect to the servicer liaison for their state program by emailing NCSHA’s Greg Zagorski.