HUD Requires Speedy Action on Borrowers in ‘Imminent Default’
January 25, 2010
There will be limited loss mitigation options for borrowers facing imminent default under recent guidance issued by the Department of Housing and Urban Development. Effective Jan. 22, servicers of FHA-insured loans may use forbearance and the FHA-Home Affordable Modification Program in helping borrowers in imminent default avoid foreclosure. The guidance in Mortgagee...