FHA Changes to Loss Mitigation Home Retention Options

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Explore:  Mortgages

On November 20, the FHA announced changes to its loss mitigation program which will allow more distressed borrowers to qualify for FHA loss mitigation interventions and to get greater assistance. Included among the changes are: (i) streamlining the FHA’s Loss Mitigation Home Retention Option to a 3-tier incentive structure; (ii) redefining “Special Forbearance”; (iii) eliminating some requirements which limited lenders’ ability to provide borrowers with assistance; and (iv) expanding HAMP. FHFA Release.

Topics:  Mortgages

Published In: Administrative Agency Updates, Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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