October 22, 2024
FHA updates Partial Claim Document Recording and Payoff Statement ProcessSince the beginning of Covid 19, Congress has provided HUD with the authority to use Partial Claims, which are zero interest subordinate liens, on their own or in combination with loan modifications, as a loss mitigation tool. Mortgagees may use to assist Borrowers in bringing their
June 11, 2024
Another Norcom short sale success!FHA loan holders have been in some turbulent times lately, with many falling behind and seeking help to avoid foreclosure.FHA has responded by introducing a lot of new workout options including 40 year loan mods and streamline short sales.When my clients job was eliminated he soon started falling behind on the
December 28, 2023
Find out how this seller walked away from her upside down FHA mortgage with Pennymac!Pennymac is a mortgage servicer that holds a lot of FHA mortgages. The last few years of FHA forbearances, loan modifications and HUD partial claims has left a lot of folks with FHA loans in trouble and owing more than their
December 18, 2023
fha HAS SUSPENDED ALL STANDARD SHORT sale PROGRAMS THROUGH aPRIL 2025 IN FAVOR OF THE COVID 19 Streamline Short Sale!FHA has always offered a short sale program ( FHA Pre-foreclosure Sale), which had a standard process, including financial documentation. Effective 2023, FHA suspended their standard short sale process, in favor of the Streamline COVID-19 short sale which
October 24, 2023
FHA LOAN WORKOUTS QUINTUPLE DURING LOWEST MORTGAGE DELINQUENCY RATE ON RECORDIt doesn’t seem to make sense, but it is true. While delinquency rates have hit record lows in the last few years, FHA has managed to quintuple its loan workouts during the same time. FHA LOAN WORKOUTS GROW BY 500% SINCE 2019Over a million mortgages
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