If you listen to Houston Real Estate Radio you heard Ann Koelling and I a few Sundays ago discussing the proposed HUD $1000 Collection Rule. At this time, the HUD changes that were headed our way have been put off. The rule that was suppose to come into affect on July 1st which was going to require on all FHA loans that ALL collections to be paid off before closing is now in a holding pattern. They were only going to allow $1000 total in collections to remain open. HUD has rescinded the rule at this time, which means for now that it is off of the table and no date has been set to re-look at it for now.
If you would like to follow these changes you can find more information in the Mortgagee Letter 2012-03 (ML
2012-03), FHA is delaying the effective date of the following topics from ML 2012-03: Handling of Disputed Accounts, Public Records FHA Total User Guide Chapter 2, and Handbook 4155.1 4.C.2.e, Paying off Collections and Judgments.
