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 the plan fails, and servicers can only offer a new repayment plan if the borrower’s total arrearage is less than $5,000. The partial waiver expands on the partial waiver date April 14, 202 (which expires October 30, 2020). The partial waiver is effective through December 31, 2020.
Click here to view the FHA Temporary Waiver – Maximum Arrearage for Subsequent HECM Property Charge Repayment Plan: https://www.tenaco.com/wp-content/uploads/2020/11/FHA-Temporary-Waiver-Arrearage-for-HECM-Property-Charge-Repayment-10-30-20.pdf
