Deadline for Default Reverse Mortgages Extended by HUD

A recent article in Reverse Mortgage Daily states that "the Department of Housing and Urban Development (HUD) has extended the implementation date deadline for Home Equity Conversion Mortgages (HECMs) in default due to unpaid property charges."  In HUD's Mortgagee Letter 2015-11, the Federal Housing Administration (FHA) is permitting the mortgagee to take a one time extension to submit a due and payable request through no later than Oct. 20, 2015 for tax and insurance defaults on or after April 23, 2015.  Read the entire article here.

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Rick R. Rodriguez
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