Last year, the Federal Housing Administration (FHA) began offering struggling homeowners impacted by 2017 natural disasters new ways to prevent foreclosure without increasing their interest rates or monthly payments.
FHA now is expanding its foreclosure prevention options to delinquent borrowers in all Presidentially Declared Major Disaster Areas (PDMDAs).
Read on for details from FHA Commissioner Brian Montgomery, who recently provided new guidance on FHA’s loss mitigation options for borrowers in PDMDAs in a letter to mortgagees.
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