WASHINGTON (2/7/14)--There is a new Department of Housing and Urban Development (HUD) foreclosure brochure and all Federal Housing Administration-approved mortgagees must use it starting Feb. 10.
HUD requires FHA-approved mortgage lenders to send a cover letter with the brochure to delinquent borrowers with an FHA-approved mortgages no earlier than the 32nd day of delinquency, but no later than the 60th day.
The new brochure is entitled "Save Your House: Tips to Avoid Foreclosure" and it replaces
the previously published "How to Avoid Foreclosure."
HUD issued Mortgagee Letter 2014-1 to announce the updated brochure and review its proper use. For instance, the letter notes that the cover letter sent with the brochure must include:
Use the resource link to access the complete HUD letter.