The Consumer Financial Protection Bureau (CFPB), the government agency charged with safeguarding consumers’ rights in the financial sector, has proposed new restrictions on foreclosures. The restrictions—which, to be clear, have yet to be agreed upon and put into place—would prevent foreclosures from commencing through the rest of 2021.
Earlier, we described how the looming delayed debt crisis will likely lead to an increase in auto repossessions (and the need for Repossession Lot Inspections) over the next year. We are continuing to examine this forthcoming crisis, today looking at how foreclosures are similarly expected to rise in this period.
A lot of people have struggled through the pandemic as unemployment, medical costs, and a general economic decline all seemingly conspired against American households over the last year.
Lending institutions often find they need boots on the ground and eyes in the field in order to verify a property’s occupancy. Indeed, when underwriting a loan or foreclosing a property, lenders must find locally available, third-party Inspectors to perform Occupancy Verification Inspections on their behalf.