FHA Mortgagee Letter 2024-25 — Mortgagee Letter 2024-25
HUD Mortgagee Letter 2024-25. See obligation entries for operative requirements and verbatim primary-source citations.
Verbatim regulatory text
Verbatim provisions from FHA Mortgagee Letter 2024-25 — Mortgagee Letter 2024-25 — 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 2024-25 — FHA-Insured Forward Mortgages: Extension of Foreclosure Moratorium for Hurricanes Helene and Milton
Properties secured by FHA-insured Single Family forward mortgages are subject to a moratorium on foreclosure through April 11, 2025. The moratorium applies to the initiation of foreclosures and to the completion of foreclosures in process for the following FEMA Declarations for Hurricanes Helene and Milton: FEMA Declaration Florida Hurricane Helene, September 28, 2024 DR-4828-FL North Carolina Tropical Storm Helene, September 28, 2024 DR-4827-NC South Carolina Hurricane Helene, September 29, 2024 DR-4829-SC Georgia Hurricane Helene, September 30, 2024 DR-4830-GA Virginia Tropical Storm Helene, October 1, 2024 DR-4831-VA Tennessee Tropical Storm Helene, October 2, 2024 DR-4832-TN Florida Hurricane Milton, October 11, 2024 DR-4834-FL Deadlines for the first legal action and Reasonable Diligence Time Frame are extended by 180 Days from April 11, 2025.
HUD ML 2024-25 — HECM Foreclosure Moratorium for Hurricanes Helene and Milton
The Mortgagee must observe a moratorium on foreclosures of properties secured by FHA-insured HECMs through April 11, 2025, in the following FEMA Declarations for Hurricanes Helene and Milton:
FHA Mortgagee Letter 2024-25 — Mortgagee Letter 2024-25 — Purpose
This Mortgagee Letter (ML) extends the foreclosure moratoriums in the areas impacted by Hurricanes Helene and Milton.
FHA Mortgagee Letter 2024-25 — Mortgagee Letter 2024-25 — Effective Date
The provisions of this ML are effective immediately. The moratoriums will remain in effect through April 11, 2025.
FHA Mortgagee Letter 2024-25 — Mortgagee Letter 2024-25 — 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 2024-25 — Mortgagee Letter 2024-25 — Background
HUD provides an automatic 90-Day foreclosure moratorium beginning on the date of any Presidentially-Declared Major Disaster Area declaration. Between September 28, 2024, and October 11, 2024, President Joseph R. Biden declared Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia major disaster areas due to Hurricanes Helene and Milton that devastated the southeast region. Due to the extent of damage from Hurricanes Helene and Milton, HUD is extending its foreclosure moratoriums. HUD believes that Borrowers need the additional time provided by the moratoriums to access federal, state, or local housing resources and consult with HUD-approved housing counselors.
FHA Mortgagee Letter 2024-25 — Mortgagee Letter 2024-25 — Summary of Changes
This ML: • extends the automatic foreclosure moratorium in III.A.2.n.ii Moratorium on Foreclosures for Properties located in FEMA Designated Areas within the States of Florida, Georgia, North Carolina, South Carolina, Tennessee and Virgina; and • provides relief for FHA-insured HECMs. FHA-Insured Forward Mortgages - Extension of Foreclosure Moratorium for FEMA Declarations for Hurricanes Helene and Milton Properties secured by FHA-insured Single Family forward mortgages are subject to a moratorium on foreclosure through April 11, 2025. The moratorium applies to the initiation of foreclosures and to the completion of foreclosures in process for the following FEMA Declarations for Hurricanes Helene and Milton: FEMA Declaration Florida Hurricane Helene, September 28, 2024 DR-4828-FL North Carolina Tropical Storm Helene, September 28, 2024 DR-4827-NC South Carolina Hurricane Helene, September 29, 2024 DR-4829-SC Georgia Hurricane Helene, September 30, 2024 DR-4830-GA Virginia Tropical Storm Helene, October 1, 2024 DR-4831-VA Tennessee Tropical Storm Helene, October 2, 2024 DR-4832-TN Florida Hurricane Milton, October 11, 2024 DR-4834-FL Deadlines for the first legal action and Reasonable Diligence Time Frame are extended by 180 Days from April 11, 2025. Home Equity Conversion Mortgages (HECM) - Foreclosure Moratorium for FEMA Declarations for Hurricanes Helene and Milton The Mortgagee must observe a moratorium on foreclosures of properties secured by FHA-insured HECMs through April 11, 2025, in the following FEMA Declarations for Hurricanes Helene and Milton: FEMA Declaration Florida Hurricane Helene, September 28, 2024 DR-4828-FL North Carolina Tropical Storm Helene, September 28, 2024 DR-4827-NC South Carolina Hurricane Helene, September 29, 2024 DR-4829-SC Georgia Hurricane Helene, September 30, 2024 DR-4830-GA Virginia Tropical Storm Helene, October 1, 2024 DR-4831-VA Tennessee Tropical Storm Helene, October 2, 2024 DR-4832-TN Florida Hurricane Milton, October 11, 2024 DR-4834-FL 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 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’s 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 2024-25 — Mortgagee Letter 2024-25
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Source of record: https://claudeforcompliance.com/regs/hud-ml-2024-25/
· register hud-ml-2024-25 · Claude for Compliance. Free to read and download;
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