In the coming weeks and months, many COVID-19 protections will come to an end. Today we finalized amendments to federal mortgage servicing rules that help ensure homeowners have a meaningful opportunity to pursue foreclosure avoidance options while they are recovering from the economic effects of the pandemic. This is part of our work to prevent avoidable foreclosures.

Effective August 31, 2021, most mortgage servicers must tell you about your repayment or other options when they reach out to you. So long as you are working with your servicer, in general, the mortgage servicer cannot start the foreclosure process before January 1, 2022 without first either reaching out to you or evaluating your complete application for options to help you avoid foreclosure. We also made it easier for servicers to offer certain options without collecting a complete application from you. With this flexibility, your servicer can get you into affordable mortgage payment plans faster, with less paperwork for both you and your servicer. But if you don’t respond to your servicer when they reach out to you, the servicer can start foreclosure.

Learn more about the rule updates and some other announcements from the White House and other agencies

No one should wait to start the conversation with their mortgage servicer. Visit our housing resources to learn who your mortgage servicer is, how to find a housing counselor, and more important information about how to keep your home.

Thank you,

Consumer Financial Protection Bureau