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Posted June 1st, 2015

Implementation Date Deadline Extended for Home Equity Conversion Mortgage (HECM) in Default due to Unpaid Property Charges (Mortgagee Letter 2015-11)

Per Mortgagee Letter 2015-11: Loss Mitigation Guidance for Home Equity Conversion Mortgages (HECMs) in Default due to Unpaid Property Charges, mortgagees must submit a due and payable request if the mortgagor has insufficient funds available under the HECM to satisfy unpaid property charges, the mortgagor is in default, and the mortgage is eligible to be called due and payable.

For HECM loans that default for tax and insurance on or after April 23, 2015, FHA is permitting mortgagees to take a one-time extension, through no later than October 20, 2015, to submit this due and payable request. The extension is aimed at ensuring that mortgagees successfully implement the new guidance provided by Mortgagee Letter 2015-11. 

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