Changes to HUD's Distressed Asset Stabilization Program Aim to Protect Distressed Borrowers | Practical Law
The US Department of Housing and Urban Development (HUD) announced changes to its Distressed Asset Stabilization program designed to encourage non-profit participation in distressed loan sales and reduce foreclosure. Purchasers of distressed loans will be required to delay foreclosure for a full year from purchase of the loan and to evaluate borrowers for participation in federal loan modification programs.