{"abstract":"HUD's regulations allow mortgagees to modify a Federal Housing Administration (FHA) insured mortgage by recasting the total unpaid loan for a term limited to 360 months to cure a borrower's default. This rule amends HUD's regulation to allow for mortgagees to recast the total unpaid loan for a new term limit of 480 months. Increasing the maximum term limit to 480 months will allow mortgagees to further reduce the borrower's monthly payment as the outstanding balance would be spread over a longer time frame, providing more borrowers with FHA- insured mortgages the ability to retain their homes after default. This change will also align FHA with modifications available to borrowers with mortgages backed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which both currently provide a 40-year loan modification option. This final rule adopts HUD's April 1, 2022, proposed rule without change.","action":"Final rule.","agencies":[{"raw_name":"DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT","name":"Housing and Urban Development Department","id":228,"url":"https://www.federalregister.gov/agencies/housing-and-urban-development-department","json_url":"https://www.federalregister.gov/api/v1/agencies/228","parent_id":null,"slug":"housing-and-urban-development-department"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2023/03/08/2023-04284.html","cfr_references":[{"chapter":null,"citation_url":null,"part":203,"title":24}],"citation":"88 FR 14252","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Effective May 8, 2023.","disposition_notes":null,"docket_ids":["Docket No. FR-6263-F-02"],"dockets":[{"supporting_documents":[{"title":"6263-F-02 40-Year Loan Modification RIA 2.21.23","document_id":"HUD-2008-0054-0025"},{"title":"FONSI_40 Year Loan ModificationES signed","document_id":"HUD-2008-0054-0024"}],"agency_name":"HUD","documents":[{"comment_count":null,"comment_start_date":null,"updated_at":"2025-05-20T23:04:18.036-04:00","comment_url":"https://www.regulations.gov/commenton/HUD-2008-0054-0022","allow_late_comments":false,"id":"HUD-2008-0054-0022","comment_end_date":null,"regulations_dot_gov_open_for_comment":false}],"supporting_documents_count":2,"id":"HUD-2008-0054","title":"FR–7070–N–43\nChanges in Branch Office Registration Requirements"}],"document_number":"2023-04284","effective_on":"2023-05-08","end_page":14259,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2023/03/08/2023-04284.xml","html_url":"https://www.federalregister.gov/documents/2023/03/08/2023-04284/increased-forty-year-term-for-loan-modifications","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2023-04284?publication_date=2023-03-08","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2023-03-08/2023-04284/mods.xml","not_received_for_publication":null,"page_length":8,"page_views":{"count":33405,"last_updated":"2026-04-04 14:15:05 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2023-03-08/pdf/2023-04284.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2023-04284.pdf?1678196714","publication_date":"2023-03-08","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2023/03/08/2023-04284.txt","regulation_id_number_info":{"2502-AJ59":{"issue":"202210","html_url":"https://www.federalregister.gov/regulations/2502-AJ59/increased-40-year-term-for-loan-modifications-fr-6263-","title":"Increased 40-year Term for Loan Modifications (FR-6263)","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202210&RIN=2502-AJ59&operation=OPERATION_EXPORT_XML","priority_category":"Economically Significant"}},"regulation_id_numbers":["2502-AJ59"],"regulations_dot_gov_info":{"supporting_documents":[{"title":"6263-F-02 40-Year Loan Modification RIA 2.21.23","document_id":"HUD-2008-0054-0025"},{"title":"FONSI_40 Year Loan ModificationES signed","document_id":"HUD-2008-0054-0024"}],"comments_count":0,"agency_id":"HUD","comments_url":"https://www.regulations.gov/docketBrowser?rpp=50&so=DESC&sb=postedDate&po=0&dct=PS&D=HUD-2008-0054","supporting_documents_count":2,"docket_id":"HUD-2008-0054","document_id":"HUD-2008-0054-0022","regulation_id_number":null,"title":"FR–7070–N–43\nChanges in Branch Office Registration Requirements","checked_regulationsdotgov_at":"2025-05-21T02:55:04Z"},"regulations_dot_gov_url":null,"significant":true,"signing_date":null,"start_page":14252,"subtype":null,"title":"Increased Forty-Year Term for Loan Modifications","toc_doc":"Increased Forty-Year Term for Loan Modifications","toc_subject":null,"topics":["Hawaiian Natives","Home improvement","Indians-lands","Loan programs-housing and community development","Mortgage insurance","Reporting and recordkeeping requirements","Solar energy"],"type":"Rule","volume":88}