HUD ML 2013-38 Single Family Foreclosure Policy
On October 28, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2013-38, subtitled Single Family Foreclosure Policy and Procedural Changes for HUD Title II Forward Mortgages and HECM Reverse Mortgages; Reasonable Diligence Requirements; HUD’s Schedule of Allowable Attorney Fees.
To: All Approved Mortgagees
Subject: Single Family Foreclosure Policy and Procedural Changes for HUD
Title II Forward Mortgages and HECM Reverse Mortgages; Reasonable
Diligence Requirements; HUD’s Schedule of Allowable Attorney Fees
Purpose: The purpose of this Mortgagee Letter is to update:
- HUD’s reasonable diligence timeframes; and
- HUD’s schedule of attorney fees for all jurisdictions.
Effective Date: The updated reasonable diligence timeframes will be effective for all cases in which the first legal action to initiate foreclosure occurs on or after November 1, 2013.
The updated Schedule of Attorney Fees will be effective for all cases in which any of the following actions occurs on or after November 1, 2013:
- a first legal action for foreclosure is initiated;
- a bankruptcy clearance is undertaken;
- a possessory action is begun; or
- a deed in lieu of foreclosure is recorded.
Affected Policy: The policies set forth in this Mortgagee Letter supersede all prior schedules, including those outlined in Mortgagee Letter 2005-30.
Please click here to view the letter in its entirety.
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