FHA issued a partial waiver of the maximum arrearage amount for subsequent HECM property charge repayment plans. The partial waiver allows borrowers to repay property tax arrearages of any amount if the borrower is unable to make 2 consecutive payments during the COVID-19 national emergency. Currently, if the borrower fails to make 2 consecutive payments on a repayment plan, servicers can only offer a new repayment plan if the borrower’s total arrearage is less than $5,000. The partial waiver builds on the partial waiver that went into effect on December 17, 2020 (and that expires on February 28, 2021). The partial waiver is effective through December 31, 2021.
Click to view the FHA Partial Waiver – $5,000 cap on Property Charge Repayment Plan: https://www.tenaco.com/fha-partial-waiver-5000-cap-on-property-charge-repayment-plan/
