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Automatic Extensions to HUD’s Initiation of Foreclosure Timeline

FHA issued a mortgagee letter regarding automatic extensions to HUD’s initiation of foreclosure timeline. This mortgagee letter provides updated guidance relating to HUD’s regulatory requirement for mortgagees to utilize a loss mitigation option or initiate foreclosure within 6 months of the date of default. Specifically, this mortgagee letter: reiterates the existing 8 automatic extensions available to mortgagees when they are unable to initiate foreclosure within the allotted timeframe; and introduces 2 new automatic extensions to align with the CFPB’s Regulation X.

FHA Mortgagee Letter 2016-04 (02-05-16)

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