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Helping Borrowers with Loans Sold through HUD’s Distressed Asset Stabilization Program (DASP)

Shannon Sswiatek April 20, 2016

Through its Distressed Asset Stabilization Program (DASP), HUD has auctioned over 100,000 FHA-insured mortgages, and private equity firms have purchased the vast majority of these loans. Unfortunately, it is extremely challenging for homeowner advocates to identify loans sold through DASP because HUD requires no notice to homeowners prior to the sale. Advocates must be prepared to address issues related to DASP in defending the foreclosure. This webinar discusses the basics of the Distressed Asset Stabilization Program, including how it relates to the standard FHA-insured loan process.  We then discuss basic legal arguments to consider when advocating for a client with a loan sold through DASP and some of the practical considerations advocates should raise. This session follows up on the February 10, 2016 session on FHA-insured loans and will not directly cover the basics for defending FHA-insured foreclosures.
 

Webinar Resources:

PowerPoint
DASP FAQs for NCRC