New FHA Options To Help Struggling Borrowers

In February, the Federal Housing Administration (FHA) introduced its newest loss mitigation home retention option in Mortgagee Letter 2024-02. This new option will go into effect on May 1, 2024. Last week, the Dept. of Veteran’s Affairs (VA) launched the Veterans Affairs Servicing Purchase (VASP) program to help struggling veterans avoid foreclosure. This new program goes into effect on May 31st, 2024.
In this Leaders in Housing Counseling webinar, Steve Sharpe with National Consumer Law Center, reviewed the details of the new FHA loss mitigation option, offered some insight into VASP, and answered questions about implementation.