HUD Extends Date to Approve COVID-19 Forbearance and HECM Extension

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In Mortgagee Letter 2020-34, dated October 20, 2020, the U.S. Department of Housing and Urban Development (HUD) extended the date for approving an initial COVID-19 forbearance with an FHA loan, or a COVID-19 extension with a home equity conversation mortgage (HECM) loan (i.e., a reverse mortgage loan), from October 30, 2020 to December 31, 2020. 

The means of communication with borrowers regarding a COVID-19 forbearance, the terms of a COVID-19 forbearance, and the terms of a HECM extension remain the same as established in Mortgagee Letter 2020-06.

 

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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