The Federal Housing Administration (FHA) is working to expand the COVID-19 loss mitigation program to include the option of a 40-year loan modification with a partial claim, an acknowledgement that some borrowers exiting forbearance are still facing financial challenges.

Julienne Joseph, deputy assistant secretary in the Office of Single-Family Housing for FHA at the U.S. Department of Housing and Urban Development (HUD), said that the government agency is “almost there” and “getting warmer” in offering the option to borrowers.  

“As far as the 40-year-old partial claim, I would say probably in the next 60 days we’ll be hearing more about details ⇒

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