FHA Mortgagee Letter 2024-15 — Third Extension of the Foreclosure Moratorium in Connection with the Presidentially-Declared Major Disaster Area in Maui County, Hawaii
HUD Mortgagee Letter 2024-15. See obligation entries for operative requirements and verbatim primary-source citations.
Verbatim regulatory text
Verbatim provisions from FHA Mortgagee Letter 2024-15 — Third Extension of the Foreclosure Moratorium in Connection with the Presidentially-Declared Major Disaster Area in Maui County, Hawaii — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
HUD ML 2024-15 — FHA-Insured Forward Mortgages: Extension of Foreclosure Moratorium for Maui County, Hawaii
Properties located in Maui County, Hawaii and secured by FHA-insured Single Family forward mortgages are subject to an extended foreclosure moratorium through January 1, 2025. The moratorium applies to the initiation of foreclosures and to the completion of foreclosures in process. Deadlines for the first legal action and Reasonable Diligence Time Frame are extended by 180 Days from January 1, 2025.
HUD ML 2024-15 — HECM Foreclosure Moratorium for Maui County, Hawaii
The Mortgagee must observe a moratorium on foreclosures of FHA-insured HECMs secured by Properties located in Maui County, Hawaii through January 1, 2025.
FHA Mortgagee Letter 2024-15 — Third Extension of the Foreclosure Moratorium in Connection with the Presidentially-Declared Major Disaster Area in Maui County, Hawaii — Purpose
This Mortgagee Letter (ML) further extends the foreclosure moratorium in Maui County, Hawaii.
FHA Mortgagee Letter 2024-15 — Third Extension of the Foreclosure Moratorium in Connection with the Presidentially-Declared Major Disaster Area in Maui County, Hawaii — Effective Date
The provisions of this ML are effective immediately. The moratorium will remain in effect through January 1, 2025.
FHA Mortgagee Letter 2024-15 — Third Extension of the Foreclosure Moratorium in Connection with the Presidentially-Declared Major Disaster Area in Maui County, Hawaii — Affected Programs
The provisions of this ML apply to all FHA Title II Single Family forward and Home Equity Conversion Mortgage (HECM) programs.
FHA Mortgagee Letter 2024-15 — Third Extension of the Foreclosure Moratorium in Connection with the Presidentially-Declared Major Disaster Area in Maui County, Hawaii — Background
HUD provides an automatic 90-Day foreclosure moratorium beginning on the date of any Presidentially-Declared Major Disaster Area declaration. On August 10, 2023, President Joseph R. Biden declared Maui County, Hawaii a major disaster area due to the wildfires that decimated the county. HUD’s automatic foreclosure moratorium was set to expire on November 8, 2023, and due to the devastation in Maui, HUD extended the moratorium through May 6, 2024, and again through August 4, 2024. HUD is now further extending the foreclosure moratorium for properties located in Maui County, Hawaii due to the extent of the devastation from the wildfires, the reduced capacity to access needed resources, and the unique geographic location of Maui. HUD believes that Borrowers need the additional time provided by the moratorium to access federal, state, or local housing resources, rebuild, and consult with HUD-approved housing counselors.
FHA Mortgagee Letter 2024-15 — Third Extension of the Foreclosure Moratorium in Connection with the Presidentially-Declared Major Disaster Area in Maui County, Hawaii — Summary of Changes
This ML: • further extends the automatic foreclosure moratorium in III.A.2.n.ii Moratorium on Foreclosures for Properties located in Maui County, Hawaii; and • provides relief for FHA-insured HECMs. FHA-Insured Forward Mortgages - Extension of Foreclosure Moratorium for Maui County, Hawaii Properties located in Maui County, Hawaii and secured by FHA-insured Single Family forward mortgages are subject to an extended foreclosure moratorium through January 1, 2025. The moratorium applies to the initiation of foreclosures and to the completion of foreclosures in process. Deadlines for the first legal action and Reasonable Diligence Time Frame are extended by 180 Days from January 1, 2025. Home Equity Conversion Mortgages (HECM) - Foreclosure Moratorium for Maui County, Hawaii The Mortgagee must observe a moratorium on foreclosures of FHA-insured HECMs secured by Properties located in Maui County, Hawaii through January 1, 2025. The foreclosure moratorium is applicable: • only if the HECM is Due and Payable for reasons other than the death of the last remaining Borrower and is not subject to a Deferral Period; and • to the initiation of foreclosures and foreclosures already in process. During the foreclosure moratorium, Mortgagees are also granted an automatic 180-Day extension for all servicing deadlines, including the deadlines for requesting to call a HECM Due and Payable and providing notice to HUD of loans which have automatically become Due and Payable. Mortgagees are granted an automatic 180-Day extension from the date of the moratorium expiration date to commence or recommence foreclosure action or evaluate the Borrower for loss mitigation. Where foreclosure has not been initiated, the Mortgagee may submit a request for an extension to HUD’s foreclosure-related deadlines through Home Equity Reverse Mortgage Information Technology (HERMIT) when prohibited from performing a required activity due to the foreclosure moratorium.
Operationalizing FHA Mortgagee Letter 2024-15 — Third Extension of the Foreclosure Moratorium in Connection with the Presidentially-Declared Major Disaster Area in Maui County, Hawaii
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Source of record: https://claudeforcompliance.com/regs/hud-ml-2024-15/
· register hud-ml-2024-15 · Claude for Compliance. Free to read and download;
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