By Jann Swanson
Posted To: MND NewsWire
The Department of Housing and Urban Development (HUD) is tweaking its bulk loan sales program to give distressed borrowers a better shot at staying in their homes. HUD announced today that investors who purchase delinquent mortgages through the Department’s Distressed Asset Stabilization Program (DASP) will have to delay foreclosures for one year after purchase rather than the six month hiatus that had previously been required. In addition loan servicers will have to evaluate all borrowers in the loan pool for eligibility for the Home Affordable Modification Program (HAMP) or a similar loss mitigation program. In the past the assessment of borrowers for loan modifications was encouraged but not required. HUD is also making improvements to the Neighborhood Stabilization Outcome (NSO) sales portion…(read more)
Via:: HUD Changes Distressed Loan Sale Requirements
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