FHA issued 2 temporary partial waivers related to Home Equity Conversion Mortgage (HECM) policies for borrowers impacted by COVID-19. The waivers allow a mortgagee to offer repayment plans to HECM borrowers with unpaid property charges regardless of the borrower’s total outstanding arrearage. The waivers also permit a mortgagee to seek assignment of a HECM immediately after using the mortgagee’s own funds to pay unpaid property taxes and insurance (if the delinquency occurred on or after March 1, 2020). Currently a mortgagee must wait 3-years before seeking such assignment. The waivers are effective immediately, and expire June 30, 2022.
Click to view the FHA Info #21-70 https://www.tenaco.com/wp-content/uploads/2021/09/FHA-Info-21-70-09-02-21.pdf
