FHA Expands Definition of Imminent Default to Include Homeowners who Qualify for Homeowner Assistance Funds

FHA issued a notice expanding the definition of imminent default to include homeowners who qualify for Homeowner Assistance Funds (HAF). Per the notice, servicers will be able to offer additional loss mitigation options to borrowers who qualified for or used HAF funds and may no longer technically be delinquent but require further assistance to avoid redefault. This expanded definition is effective March 24, 2023.

Click to view the FHA Info #2023-19: https://www.tenaco.com/wp-content/uploads/2023/03/FHA-Info-2023-19-03-24-23.pdf