Guide aims to outline borrowers’ rights to mortgage payment forbearance, foreclosure protection

Borrowers’ rights to mortgage payment forbearance and foreclosure protection under sweeping legislation enacted to respond to the financial impact of the coronavirus crisis is outlined in a guide released Friday by the federal consumer financial protection bureau and state banking regulators.

In a release, the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors (CSBS) – a professional group – said their Consumer Relief Guide is aimed at guiding homeowners with federally backed loans through the process of obtaining mortgage relief, as provided under the Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted March 27.

“This guide will help consumers to understand their options for mortgage relief during this challenging and unprecedented time,” CFPB Director Kathleen Kraninger said.

CFPB, CSBS Consumer Relief Guide – Your Rights to Mortgage Payment Forbearance and Foreclosure Protection Under the Federal CARES Act