Kim Clark, AE, GAD
Jul 13, 20201 min
Streamlined loss mitigation options will help more homeowners avoid foreclosure
The Federal Housing Administration (FHA) today announced additional home retention measures to help homeowners with ***FHA-insured single family mortgages*** who are financially impacted by the COVID-19 pandemic to bring their mortgage current at the end of their COVID-19 forbearance. Effective immediately, mortgage servicers will be able to use an expanded menu of loss mitigation tools, known as a “waterfall,” to assess homeowners’ eligibility for other options to bring their mortgages current if they do not qualify for FHA’s COVID-19 National Emergency Standalone Partial Claim. These options are available for homeowners whose mortgages were current or less than 30 days past due as of March 1, 2020.