Mortgage Servicing & Foreclosures Archives

Joint Letter to HUD Requesting an Extension for Comments on FHA Defect Taxonomy for Servicing Loans

November 19, 2021

Letter urging HUD to delay by 120 days the December 27, 2021 deadline for comments to the proposed FHA Defect Taxonomy for Servicing Loan Reviews.

Joint Letter to HUD Advocating for Clarity in the Foreclosure Timelines

November 5, 2021

NCLC, Center for Responsible Lending (CRL), and Housing Policy Council letter to HUD re: Request for COVID-19 foreclosure timeline clarifications to promote modifications.

IRS Guidance Stating That HAF Assistance Is Not Taxable Income

November 8, 2021

This revenue procedure addresses the Federal income tax treatment and information reporting requirements for payments made to or on behalf of financially distressed individual homeowners by certain entities with funds allocated from the Homeowner Assistance Fund (HAF), which was established in response to the coronavirus disease (COVID-19) pandemic.

HUD Should Provide Additional COVID Loss Mitigation Options for HECM Borrowers

August 5, 2021

COVID Relief: Forward Mortgages vs. Reverse Mortgages (HECMs)

Homeowners Need a Homeowner Assistance Fund and Additional Relief to Prevent a Coming Foreclosure Crisis

January 1, 2021

Several million homeowners are behind on their mortgages or are already in foreclosure as the nation continues to face a pandemic, with low-income communities and communities of color hit hardest. While currently available programs will help many homeowners avoid foreclosure, many other homeowners likely will lose their homes unless further steps are taken.

Homeowner Assistance Fund: Overview and FAQs

May 1, 2022

As part of the American Rescue Plan, Congress created the HAF, which provides $9.9 billion to the U.S. Department of the Treasury to give out to states, territories, and tribes to help homeowners experiencing hardships during the COVID-19 pandemic. The funds must be used by September 30, 2025

Homeowner Assistance Fund Model Plan: Planning and Administration

May 17, 2021

Model plan for Homeowner Assistance Fund assessment.

HECM Non-Borrowing Spouses Experiencing MOE Problems with RMS

August 22, 2019

Since RMS and its parent company, Ditech, filed for bankruptcy protection, it has become even more apparent that both companies failed to properly service consumers’ mortgage loans in many respects.

Group Letter Urging HUD, VA, and USDA to Extend the Deadline for Borrowers to Start COVID-Relief

September 23, 2021

On behalf of the clients and communities we represent, we urge HUD, VA, and USDA to extend the September 30, 2021 deadline for borrowers to start forbearance plans due to COVID-19 hardships.

Group Letter to HUD Regarding Sep. 16, 2021 Note Sale Announcement

September 22, 2021

A letter in response to the White House and HUD’s notices of intent to sell 1,730 mortgage loan notes in the fall.

Group Letter to CFPB Urging Prevention of Covid Foreclosures

January 28, 2021

On behalf of the low-income clients and communities we represent, we urge the Bureau to take immediate action to prevent a wave of COVID-19-related foreclosures, likely to be concentrated in low income communities and communities of color. The pandemic continues to harm homeowners, and according to a December 2020 Brookings Institution report, the crisis is worsening for Black and Latinx borrowers.

Group Letter to CFPB Urging Pause of Revising Qualified Mortgage Definition

July 27, 2020

Group letter urging the Consumer Financial Protection Bureau to pause revising the Qualified Mortgage Definition and to extend the current patch through COVID-19.

All