FHA extends covid 19 era loss mitigation offerings and expands foreclosure protections to all at-risk borrowers.
The Federal Housing Administration (FHA) announced in Mortgagee Letter 2023-02 that it is expanding loss mitigation options created during the COVID-19 pandemic to help all homeowners with FHA loans avoid foreclosure.
Per Julia Gordon: “FHA’s COVID-19 forbearances and streamlined COVID-19 loss mitigation options have successfully helped millions of struggling borrowers in the last two fiscal years alone. Our action today lets us capitalize on what we have learned through the pandemic to continue helping borrowers avoid foreclosure, regardless of the nature of their hardship.”
The changes are effective through October 30, 2024:
FHA Covid 19 loss mitigation options are very similar to standard FHA loss mitigation options, but with looser regulations. There's never been an easier time to resolve your FHA loan default, or to do a short sale with FHA!
I was at my wits end. I saw an ad online about Minna and short sales so I decided to take a chance. I am so glad I did!!! From the beginning, Minna was on top of things. I didn't have to do anything which was good because I had no idea what I was suppose to do or not do as this was the first time selling a house (along with my first short sale). I asked a lot of questions and Minna always responded immediately and professionally, even when the questions were kinda crazy. The bank was the cause for losing 2 of our potential buyers but Minna and her crew had another buyer on the line immediately, everytime, because the house was always being shown. We finally got the last buyer and Minna and her wonderful crew pushed almost everyday to keep the bank on their toes which enabled us to actually close on the house!!! Selling this house has allowed us to be able to go on with our lives and we owe this all to Minna and her crew. Thank you so much! I don't know what I would have done without you at my side.
Last Updated on February 1, 2023 by Minna Reid