LibGuides: Ohio Foreclosure Law: Federal Laws

Federal Laws

12 U.S. Code § 5220 note
The Protecting Tenants at Foreclosure Act requires a 90 day notice to tenants when the property they are living at is foreclosed upon.
15 U.S. Code § 9056
Foreclosure moratorium and consumer right to request forbearance due to COVID. Gave consumer right to ask for 180 day forbearance from March 13, 2020 and established a 60 day moratorium from that day. Has now expired.
50 U.S. Code Sec. 3953
Servicemember's Relief Act gives a servicemember the ability to ask for extra time in a judicial foreclosure.

CFR

In 2010, the federal government passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which gave the CFPB the authority to create new mortgage servicing rules. The CFPB’s final mortgage servicing rules were implemented under the Real Estate Settlement Procedures Act (RESPA), also known as Regulation X, and the Truth in Lending Act (TILA) known as Regulation Z. These rules, which went into effect on January 10, 2014, created national mortgage servicing standards and imposed new requirements on lenders and servicers when it comes to foreclosures.

12 CFR § 1026.41
Mortgage Servicing Rule. (Regulation Z) Provides for notices if a borrower falls behind in payments including that a servicer must attempt to contact the borrower to discuss the situation no later than 36 days after the delinquency, and again within 36 days after each subsequent delinquency, even if the servicer previously contacted the borrower.
12 CFR §§ 1024.30 - 1024.41
Mortgage Service Rule (Regulation X)

Agency Guidance

Federal Agencies, Enterprises Extend Foreclosure Moratoriums until July 31, 2021
JD Supra 6/28/21
Mortgagee Letter 2021-15
Foreclosure moratorium for FHA approved loans is extended to 7/31/21.
Biden Fact Sheet 2/16/21
Protections for Borrowers Affected by the COVID-19, effectuve 8/31/21
The CFPB final rule establishes temporarily procedural safeguards to help ensure that borrowers have a meaningful opportunity to be reviewed for loss mitigation before the servicer can make the first notice or filing required for foreclosure on certain mortgages. In addition, the final rule would temporarily permit mortgage servicers to offer certain loan modifications made available to borrowers experiencing a COVID-19-related hardship based on the evaluation of an incomplete application.
Community Financial Services of America v. CFPB
2022 Fifth Cir. Ct of Appeals decision that Congress’s cession of its power of the purse to the CFPB violates the Appropriations Clause and the Constitution’s underlying structural separation of powers. Therefore, the CFPB's payday lending rule is unconstitutional.