While foreclosure rates have declined somewhat during recent years, the issue is not over and many households are still facing foreclosure. With the current COVID-19 crisis, the infectious disease caused by novel coronavirus, many have experienced a loss or reduction of income. This webinar will describe the options to keep, sell or let foreclosure happen. National mortgage pre-foreclosure regulations and the timeline from the Consumer Financial Protection Bureau (CFPB) will be explained. Additional topics include the Michigan Foreclosure Timeline, steps in foreclosure prevention, what is in a Workout Package, the impact of foreclosure has on credit reports. We will cover the CARES act and how it affects your mortgage and where to find a HUD certified Housing Counselor and other local resources.

Teagen Lefere & Nancy Latham, MSU Extension Program Instructors specializing in Financial and Homeownership Education