On January 12, 2016, the U.S. Department of Housing and Urban Development published its first Mortgagee Letter of the year, in which it again delayed the implementation of the sweeping changes related to Home Equity Conversion Mortgage borrowers in default for failing to pay taxes and insurance that it first announced in April 2015. On April 23, 2015, HUD issued Mortgagee Letter 2015-11, which set forth detailed guidance on and procedures related to loss-mitigation options that mortgagees may provide mortgagors who fail to pay property charges in accordance with the terms of a HECM, more commonly known as a reverse mortgage.

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