HUD Delays Changes to Title Approval at Conveyance

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On July 31, HUD issued Mortgagee Letter 2012-14, which delays until November 1, 2012 implementation of recent changes to title approval at conveyance. The changes, originally set to take effect August 1, 2012, were issued in June as Mortgagee Letter 2012-11. Pursuant to that letter, mortgagees must pay in full prior to conveyance all taxes, homeowners’ association fees, and water, sewer or other assessments. The initial letter also detailed related documentation and certification requirements and outlined FHA’s rights to reconvey a property under certain circumstances.

 

Published In: Administrative Agency Updates, General Business 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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