fha mortgage loans, local mortgage broker, midwest family lending

(515) 252-7107

APPLY NOW!

Mortgage Industry News

« Return to Mortgage Industry News

HUD Changes Distressed Loan Sale Requirements

Friday, April 24, 2015

The Department of Housing and Urban Development (HUD) is tweaking its bulk loan sales program to give distressed borrowers a better shot at staying in their homes.  HUD announced today that investors who purchase delinquent mortgages through the Department's Distressed Asset Stabilization Program (DASP) will have to delay foreclosures for one year after purchase rather than the six month hiatus that had previously been required.

In addition loan servicers will have to evaluate all borrowers in the loan pool for eligibility for the Home Affordable Modification Program (HAMP) or a similar loss mitigation program.  In the past the assessment of borrowers for loan modifications was encouraged but not required.

 

Read Full Article

Testimonial

"We really appreciated Sara's accessibility. She always responded to our questions or concerns even during what we would of considered off hours."
Mark & Nancy H.