June 26, 2017

Vimeo Channel YouTube Channel

Articles Published in: November 2012

FHA Foreclosure Protection, Home Loans and Refinancing For West Virginia Storm Victims

The FHA and HUD have issued yet another Hurricane Sandy press release, this time announcing assistance for home owners in West Virginia affected by Hurricane Sandy. According to HUDNo.12-181, U.S. Housing and Urban Development Secretary Shaun Donovan has announced that FHA/HUD will “speed federal disaster assistance to the State of West Virginia in addition to resources being provided by FEMA and other federal partners. HUD will provide support to homeowners and low-income renters forced from their homes due to Hurricane Sandy.” On Wednesday November 28, 2012,


FHA Home Loan Foreclosure Avoidance Policy Changes

Recently, the FHA issued a press release announcing changes to its loss mitigation and foreclosure avoidance policies. We’ve reported on some of those changes in previous blog posts; we haven’t yet covered the FHA’s revised loss mitigation options and changes to those policies. According to HUDNo.12-22, in the section titled “Updated Loss Mitigation Priority Order Requirements” you’ll find the following new policy information on how the FHA handles its loss mitigation options–described in order of priority. According to the FHA, “After evaluating a delinquent mortgagor for Informal and Formal Forbearance Plans, FHA


FHA Loans For Older Homes: A Reader Question

A reader asks, “Can a borrower use an FHA loan for homes built in 1957?” We get many similar questions about FHA loan rules–does the FHA have any regulations that specify a home’s age as a factor in FHA loan approval? Not specifically. Instead, the FHA has guidelines that must be followed for the condition of the property–it must meet FHA minimum property standards and be compliant with state and local building code as applicable. There’s no single, centralized


FHA Foreclosure Avoidance Options

In a recent Mortgagee Letter (ML2012-22), the FHA and HUD describe a variety of changes to FHA Loss Mititgation options. “Loss Mitigation” basically refers to foreclosure avoidance programs for borrowers in trouble on their FHA mortgages. The FHA Mortgagee Letter opens by stating, “No later than 90 days after issuance of this Mortgagee Letter, (November 16, 2012) mortgagees must begin to assess mortgagors in default under FHA


FHA/HUD Announce Foreclosure Protection For Delaware Storm Victims

A recent press release issued by the FHA and HUD announces foreclosure protection and other relief for victims of storms in Delaware. According to HUDNo.12-173A, victims of Hurricane Sandy have more options now that three affected counties have been designated federal disaster areas. According to the press release, “President Obama issued a disaster declaration for Kent, New Castle and Sussex Counties. The President


Happy Thanksgiving!

From all of us at FHANewsBlog.com, have a safe and fun holiday. We return on Friday with our regularly scheduled posts about FHA home loans, answering reader questions and related topics. Thank you for reading and we’ll see you after turkey day!


FHA Amends Loss Mitigation Policies

The FHA has announced important changes to its Loss Mitigation Home Retention options, intended as stated in FHA Mortgagee Letter 2012-22, to “reduce the number of full claims against the FHA Mutual Mortgage Insurance Fund by assisting a greater number of qualified, distressed mortgagors in retaining their homes.” The new rules, posted on November 16, have specific requirements for the lender. “No later than 90 days after issuance of this Mortgagee Letter, mortgagees must begin to assess mortgagors in default under FHA


FHA Issues Mortgagee Letter, Sets Policy For Federal Disaster Areas

Whenever a natural disaster strikes and a federal disaster area is declared in the affected zone, the FHA and HUD have issued guidance about foreclosure moratoriums, assistance for those trying to recover from the disaster and other details. These announcements are usually issued as Mortgagee Letters and come out on an as-needed basis. But now the FHA has codified its position on federally declared disaster areas in general, thanks to the new FHA/HUD Mortgagee Letter, 12-23, “Guidance for FHA-Approved Mortgagees Originating and Servicing Mortgages in Presidentially-Declared Major Disaster Areas”. According to the announcement, “This Mortgagee Letter (