The Federal Housing Administration (FHA) released a notice outlining new guidelines for trial payment plans for FHA loss mitigation actions. The new rules go into effect October 1. When offering permanent modifications or partial claims, servicers must implement trial payment plans for any borrowers who have missed at least two payments in the past year; have failed a HAMP trial payment plan; have a net surplus income of less than 20 percent of their total net income; or whose mortgage was originated fewer than 14 months ago.
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