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On April 24, the U.S. Department of Housing and Urban Development changed its Distressed Asset Stabilization Program to require loan servicers to wait one-year before initiating a foreclosure action.
On April 24, the U.S. Department of Housing and Urban
Development changed its Distressed Asset
Stabilization Program to require loan servicers to wait
one-year before initiating a foreclosure action. Servicers will
also be required to evaluate all borrowers for modifications under
the Home Affordable Modification Program or other
loss mitigation program.
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