Formerly provided by the CARES Act, these protections allowed for:
- A grace period from mortgage payments
- No new foreclosures
- No foreclosure-related evictions
- No credit score changes due to COVID-19 relief
Now that this period has ended, foreclosures will be starting again soon.
In addition to the loss of the safeguards mentioned above, the Real Estate Settlement Procedures Act, Regulation X, 12 CFR 1024, which had prevented foreclosure complaints from being filed by Governmental Sponsored Enterprises (consisting of Fannie Mae, Freddie Mac, FHA, VA and USDA), also ended on December 31, 2021.
What this means is that foreclosure complaints will also be starting again soon.
However, some foreclosures were filed by Fannie Mae, Freddie Mac, FHA and VA prior to the end of the year, meaning that the protections still apply.
If you had foreclosure complaints filed against you before the end of the year (2021), you should have still had these protections. If you had complaints filed against you after the end of the year, please be aware that you do not have these protections anymore.
Regardless of foreclosure status, there may still be modification programs available.