New FHA Mortgagee Letter

(via HUD)

New FHA Mortgagee Letter:

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, D.C. 20410-8000

OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER

January 22, 2010

MORTGAGEE LETTER 2010-04

TO: ALL FHA-APPROVED MORTGAGEES

ALL HUD-APPROVED HOUSING COUNSELING AGENCIES

SUBJECT: Loss Mitigation for Imminent Default

The Helping Families Save Their Home Act of 2009 expanded the authority to use FHA Loss Mitigation to assist defaulted FHA borrowers avoid foreclosure to include those mortgagors facing ”imminent default” as defined by the Secretary. The purpose of this Mortgagee Letter is to define imminent default and provide guidance to FHA-Approved servicers on how to assist those FHA borrowers. At this time FHA is limiting the loss mitigation options that may be used to assist borrowers facing imminent default to forbearance and FHA-HAMP. The guidance provided in this Mortgagee Letter is effective immediately…

To read this mortgagee letters and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the 2010 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page.

Tags: fha mortgagee letter | Category: Mortgage Insights |