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ML 2010-32: Revision to Policy for Partial Payment of Claims and Mortgage Modifications

A revision is in process to HUD Handbook 4350.1, Chapter 14. Mortgagee Letter 2010-32 addresses and immediately implements several policy changes to Partial Payments of Claim (PPC) and Mortgage Modifications.  This Mortgagee Letter complements Mortgagee Letter 87-9 which allows for the waiver of prepayment penalties and lockout provisions in mortgages to avoid a mortgage insurance claim. Properties approved for a PPC or mortgage modification are deemed to have complied with all terms of Mortgagee letter 87-9. For specific policy changes, please refer to Mortgagee Letter 2010-32.

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