![]() End Further Info End Preamble Start Supplemental Information SUPPLEMENTARY INFORMATION: consumers/guides/telecommunications-relay-service-trs. To learn more about how to make an accessible telephone call, please visit: HUD welcomes and is prepared to receive calls from individuals who are deaf or hard of hearing, as well as individuals with speech or communication disabilities. Start Further Info FOR FURTHER INFORMATION CONTACT:Įlissa Saunders, Director, Office of Single Family Program Development, Office of Housing, Department of Housing and Urban Development, 451 7th Street SW, Suite 9278, Washington, DC 20410-4000 telephone number 20 (this is not a toll-free number) telephone numbers listed above are not toll-free numbers. This final rule adopts HUD's April 1, 2022, proposed rule without change. This change will also align FHA with modifications available to borrowers with mortgages backed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which both currently provide a 40-year loan modification option. Increasing the maximum term limit to 480 months will allow mortgagees to further reduce the borrower's monthly payment as the outstanding balance would be spread over a longer time frame, providing more borrowers with FHA-insured mortgages the ability to retain their homes after default. This rule amends HUD's regulation to allow for mortgagees to recast the total unpaid loan for a new term limit of 480 months. HUD's regulations allow mortgagees to modify a Federal Housing Administration (FHA) insured mortgage by recasting the total unpaid loan for a term limited to 360 months to cure a borrower's default.
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