HUD Mortgagee Letter 2023-08 — Extension for COVID-19 Forbearance and COVID-19 HECM Extensions Through May 31, 2023
HUD ML 2023-08 establishes a final date of May 31, 2023 for Borrowers to request an initial COVID-19 Forbearance or a COVID-19 HECM Extension, and caps the maximum COVID-19 Forbearance period at November 30, 2023.
Verbatim regulatory text
Verbatim provisions from HUD Mortgagee Letter 2023-08 — Extension for COVID-19 Forbearance and COVID-19 HECM Extensions Through May 31, 2023 — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
HUD ML 2023-08 — COVID-19 Forbearance on Borrower Request (III.A.2.o.i(B))
Upon Borrower request, Mortgagees must offer a COVID-19 Forbearance to any Borrower that experiences an adverse impact on their ability to make on-time Mortgage Payments due to the COVID-19 pandemic, regardless of Default status.
HUD ML 2023-08 — Maximum Forbearance Period Cap (III.A.2.o.i(B))
No COVID-19 Forbearance period may extend beyond November 30, 2023.
HUD ML 2023-08 — Late Charges, Fees, and Penalties Waived (III.A.2.o.i(B))
The Mortgagee must waive all Late Charges, fees, and penalties, if any, as long as the Borrower is on a COVID-19 Forbearance Plan.