HUD Proposes Changes to Foreclosure Sale Policies, Procedures

The Department of Housing and Urban Development is seeking feedback on a proposed set of changes aimed at improving its foreclosure sale policies. The changes are intended to help modernize the process that servicers of Federal Housing Administration loans use to sell distressed properties.

The changes address appraisal requirements, eviction costs and the fee structure for third-party providers conducting foreclosure sales, among other things. Comments are due by March 9. ABA is reviewing the proposal and will engage with other mortgage industry stakeholders to submit comments.