What to do if you find yourself facing a foreclosure

With the nationwide moratorium on mortgage foreclosures ending, millions of American homeowners are facing the prospect of receiving a letter from their lender advising them that, unless they bring their mortgage payments current, the lender will file a foreclosure complaint in court.  And thus begins a difficult process for the homeowner.

Although the moratorium has expired, there are still some federal programs in place to assist borrowers who are facing foreclosure. But there are limits to how much help these programs can provide.

For example, the U.S. Consumer Financial Protection Bureau has issued a new rule requiring lenders to contact a borrower in person or by phone within 36 days of the borrower’s first missed payment. Another rule requires them to send a written notice to the borrower within 45 days of a missed payment, encouraging the borrower to contact the lender and discuss options for workout plans.

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