CFPB Clarifies Rule That Could Cause Heirs To Lose Their Homes

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CFPB Clarifies Rule That Could Cause Heirs To Lose Their Homes

CFPB Clarifies Rule That Could Cause Heirs To Lose Their Homes

Consumerist-

When the Consumer Financial Protection Bureau implemented rules to protect consumers from getting caught in mortgage “debt traps” earlier this year, the regulators may have missed one section of not-so-typical borrowers: consumers who inherit a family member’s home – mortgage and all.

In an attempt to make things easier on surviving family members when a homeowner dies, the CFPB issued an interpretive rule that would allow survivors to be added to outstanding mortgages without the fear of losing their home because of newly enacted rules.

The interpretive rule clarifies that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Ability-to-Repay rule.

[CONSUMERIST]

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