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Consumer Advocates Concerned Over Non-Borrowing Spouses Facing Foreclosure

Justice League

A group of consumer advocates has expressed concern over non-borrowing spouses facing foreclosure and eviction following the death of a borrowing spouse, according to comments the group recently submitted totaling 65 pages to the U.S. Department of Housing and Urban Development (HUD).

HUD and FHA amended the Home Equity Conversion Mortgage (HECM) program in January to prevent reverse mortgage lenders from calling the note from a surviving non-borrowing spouse. The amendment allowed for deferral of “due and payment status” for eligible non-borrowing spouses, hence deferring the foreclosure process, for FHA case numbers assigned on or after August 4, 2014 and for certain eligible HECMs and surviving non-borrowing spouses for case numbers issued before August 4, 2014.

Read on.

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