On November 14, 2014, the Federal Housing Administration (FHA) released Mortgagee Letter (ML) 2014-23 in order to extend the expiration date of ML 2010-23 for the Refinance of Borrowers in Negative Equity Positions (Short Refinance) program (the “Program”) to December 31, 2016. The Mortgagee Letter also reiterates the permitted use of proceeds from government entities and instrumentalities of government to extinguish a portion of the negative equity. All other provisions of MLs 2010-23 and 2012-05, which amended ML 2010-23 by providing changes to the Program, shall remain in effect. For more information, please refer to ML 2014-23.
