Form Hud-92426 - Multifamily Default Status Report Page 2
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3Part III — Status of Default
Part IV — Election/Withdrawal
This mortgage was reinstated on:
I Elect To: (Draw an “X” through one box.)
MM
DD
YYYY
LA
Assign this mortgage. I understand that the assignment must be recorded within 30 days after the
date of this form.
This mortgage was reinstated by:
LF
Acquire this project through foreclosure. I understand that foreclosure proceedings must com-
(Draw an “X” through one box to indicate type).
mence within 30 days (90 days for Section 608 mortgages) after the date on this form and that I
must notify you 30 days after foreclosure commences.
RP
Payment of ......... $ ________________
LD
Acquire through deed-in-lieu of foreclosure. A request for your approval is attached. (Note: HUD
approval is not required on coinsured loans.)
RF
Modification effective on .... ___/___/___
LW
Withdraw our prior notice of election to:
assign
acquire. That notice was dated:
RT
Correction of Covenant Default
_______/_______/_______
Part V — Mortgagee Signature
Part VI — HUD Acknowledgement of Receipt
Name
Name
Title
Title
Signature of Mortgagee Official
Date
Signature of HUD Field Office Manager
Date
Instructions for Completing Multifamily Default Status Report (Form HUD-92426)
A. General
1. Notice of Default. If a default continues for a period of 30 days,
you must submit this Form within 30 days thereafter, unless the
Use this Form for the purposes shown in Part I, Item 2. Always
default is cured. For example, if a mortgagor does not pay the
complete Parts I and VI. Complete Part II in all instances except when
March 1 and April 1 payments, you must submit this form by close
you are reporting a reinstatement. Complete Parts III, IV and V only
of business April 30.
when applicable.
(a) For fully insured mortgages you must continue to submit
1. Covenant Defaults. Use this Form to report covenant defaults
this Form monthly until the mortgage has been reinstated or
only if you have accelerated the mortgage. If you have not
you have filed an insurance claim.
accelerated the mortgage, report a covenant default by sending
a letter to the HUD Field Office.
(b) For coinsured projects, you must continue to submit this
Form monthly until the mortgage has been reinstated or until
2. Other Notices Not Covered by this Form. This Form applies
the month after you have acquired the project. For example,
only to defaults, reinstatements and elections to assign a mort-
if you acquired the project on August 15, you must submit
gage or acquire title to a property. Once you have filed a notice
default notices through September.
of your election to assign or acquire, HUD's regulations and/or
administrative instructions require you to submit other notices
2. Notice of Reinstatement. Submit this Form within five calendar
that are not covered by this Form. You must submit two copies of
days after the mortgage has been reinstated.
each notice to HUD Headquarters' Office of Multifamily Housing
3. Notice of Election. Unless the HUD Field Office approves an
Management and one copy of each to the local Field Office's
extension of time, you must submit this Form within 75 days after
Deputy Director for Management. You should mail the Head-
the date of default, defined below.
quarters copies by Certified Mail - Return Receipt Requested.
4. Notice of Intention to File a Claim.
When you submit your
These notices include:
Notice of Election to assign or acquire, you must declare whether
(a) Notice of Foreclosure. (Insured Mortgages Only) Within 30
or not you intend to file a claim.
days after instituting foreclosure proceedings, you must give
C. Date of Default (Part II, Item 2)
HUD written notice that you have commenced foreclosure.
The date of default is the due date of the first unpaid payment, when
(b) Notice of Delays in Starting or Completing Acquisition.
payments are applied in the order in which they come due. Example:
(Insured and Coinsured Mortgages) If you cannot meet the
If an owner did not make the May and June payments but did make
deadlines for starting foreclosure, as stated in Part IV of this
one monthly payment on July 15th, the July payment would be
Form, you must report this fact to HUD and explain the
applied to the amount due for May and June 1 would be the date of
reason for the delay. You must also report and explain any
the default.
delays in completing acquisition, whether by foreclosure or
D. Distribution
deed-in-lieu.
1. Elections/Withdrawals. Send original and one copy to HUD
(c) Notice of Acquisition. (Coinsured Mortgages Only) Within
Headquarters, Office of Multifamily Housing Management. Send
30 days after you acquire title, you must inform HUD of the
one copy to the HUD Field Office having jurisdiction over the
acquisition.
project. HUD Headquarters will acknowledge receipt of the form
B. Timing
and return one copy to you.
2. All Others. Send original and two copies to the HUD Field Office
having jurisdiction over this Project. The HUD Field Office will
acknowledge receipt of the form and return one copy to you.
form HUD-92426 (1/2010)
Previous editions are obsolete
Page 2 of 3
ref Handbook 4566.2
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