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12.2.4.5 Home Disposition Options

Borrowers in disaster areas may also take advantage of the home disposition options of pre-foreclosure sale or deed in lieu of foreclosure it they meet the following conditions:

  • • The mortgage must be current or fewer than thirty days past due as of the date of the disaster declaration;
  • • The mortgagee must obtain from the borrower a recent pay stub for income, W-2, bank statement, or other documentation reflecting the amount of income; and
  • • The property was owner-occupied.202

Footnotes

  • 202 U.S. Dep’t of Hous. & Urban Dev., FHA Single Family Housing Policy Handbook 4000.1, III.A.2.n.iv.H, Home Disposition Options.