FHA Waives Foreclosure Waiting Periods Via Its “Back To Work

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For Immediate Release: Mortgagee Letter 2013-26 Date: August 15, 2013| Effective Immediately, FHA Waives Foreclosure Waiting Periods Via Its “Back To Work – Extenuating Circumstances” 

FHA is continuing its commitment to fully evaluate borrowers who have experienced periods of financial difficulty due to extenuating circumstances. 

As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage payments, and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure. Some borrowers were forced to file for bankruptcy to discharge or restructure their debts.

Because of these recent recession-related periods of financial difficulty, borrowers’ credit has been negatively affected. FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.

To that end, FHA is allowing for the consideration of borrowers who have experienced an Economic Event and can document that: certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control; the borrower has demonstrated full recovery from the event; and, the borrower has completed housing counseling.

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