On January 12, 2016, the Federal Housing Administration (FHA) issued Mortgagee Letter (ML) 2016-01 , Additional Extension of Certain Timeframes in Connection with Mortgagee Letter 2015-11 (Loss Mitigation Guidance for Home Equity Conversion Mortgages [HECMs] in Default due to Unpaid Property Charges) and Mortgagee Letter 2015-26.
This Mortgagee Letter extends the time to submit a Due and Payable request as outlined in ML 2015-11. The new deadline is April 17, 2016. The extension applies to the timeframe in which a mortgagee must to take First Legal Action where the mortgagee is actively reviewing the borrower for loss mitigation in accordance with ML 2015-11.
The policies in this Mortgagee Letter affect the “Effective Date” sections of ML 2015-11 and the extension period provided in ML 2015-26. All other provisions in Mortgagee Letter 2015-11 remain in effect.
Provisions of this Mortgagee Letter will be incorporated into the Single Family Housing Policy Handbook 4000.1 in the future, as applicable.
