Does HUD provide an automatic extension for foreclosure when a Borrower files bankruptcy?
HUD allows the Mortgagee an additional 90 Days from the date of the release of stay of the Chapter 7 bankruptcy to recommence the foreclosure.
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Can FHA clear Credit Alert Verification Reporting System (CAIVRS) information reported by other Federal Agencies?
FHA cannot alter or delete CAIVRS information reported from other Federal agencies, such as the Department of Education, Veterans Affairs, etc.
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Must deferred obligations be included in the borrower’s liabilities?
Deferred obligations (excluding Student Loans) refer to liabilities that have been incurred but where payment is deferred or has not yet commenced, including accounts in forbearance.
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What are the guidelines for borrowers with a short sale on a previous residence?
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Can overtime, bonus, or tip income be used as effective income?
Overtime, Bonus, or Tip income refers to income that the Borrower receives in addition to the Borrower’s normal salary.
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