The Department of Housing and Urban Development (HUD) noted that mortgages that closed before a recent wildfire incident and later became early payment defaults (EPDs) are likely due to external issues such as job loss and property damage. This announcement coincides with the FHA's extension of a moratorium on foreclosures and evictions until July 7, 2025, for those affected by the wildfires in Los Angeles County, which have resulted in significant destruction and estimated insured losses of $45 billion.
“For mortgages that closed prior to the incident period and became EPDs in the months after, defaults are likely to be the result of loss of employment/income, property damage...”
“The April 1 waiver announcement came less than a month after the FHA announced an extension of its moratorium until July 7, 2025, on foreclosures and evictions...”
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