More COVID Tools: FHA Seeks Feedback on 40-Year Loan Modification

Inside Mortgage Finance, Sept. 28, 2021–Monica Hogan
FHA on Monday afternoon said it is taking public comments on a proposal to add a 40-year loan modification option combined with a partial claim as part of its COVID-19 recovery loss mitigation toolbox. The goal: to help borrowers facing economic hardship during the pandemic reach a 25% reduction in monthly principal and interest on their mortgage payments.