HUD Extends Foreclosure Relief for Hurricane Sandy Homeowners

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Real Estate Agent with Shahar Management
https://activerain.com/droplet/Qxs

SECRETARY SHAUN DONOVAN AND DIRECTOR DEMARCO
ANNOUNCE EXTENDED FORECLOSURE RELIEF
 
FOR HURRICANE SANDY STORM VICTIMS

90 Day Moratorium to help FHA, Freddie Mack and Fannie Mae borrowers

 

U.S. Housing and Urban Development Secretary Shaun Donovan, who serves as President Obama’s Chairman of the Hurricane Sandy Rebuilding Task Force, and Federal Housing Finance Agency Acting Director Edward J. DeMarco today announced that the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac will extend expiring protections against foreclosure actions against homeowners whose properties were damaged or destroyed due to Hurricane Sandy.

 The additional 90-day foreclosure moratorium applies to homeowners with properties in states where the President issued major disaster declarations following Hurricane Sandy.  The extended moratoriums announced today apply to the initiation of foreclosures and foreclosures already in process.

“It’s all too clear that families need more time to get back on their feet without having a foreclosure or eviction hanging over their heads,” said Donovan.  “As we work to rebuild after this historic storm, we’ll do everything we can to ease the crushing burden being faced by those homeowners, many of whom have been forced from their homes.”

 “Given the magnitude of this disaster, extending the moratorium on foreclosures and evictions will allow homeowners in the affected areas, and their servicers, the time needed to assess individual circumstances and options,” said DeMarco.

 FHA is extending moratoriums for another 90 days on the initiation of foreclosures and foreclosures already in process.  FHA is also suspending evictions of persons from properties secured by FHA mortgages in these affected counties through April 30, 2013.     

 After consultation with FHFA, Fannie Mae and Freddie Mac will also extend the suspension of foreclosure sales and eviction lockouts for borrowers impacted by Hurricane Sandy.  The new 90-day extension applies to homeowners with properties or employment within the Federal Emergency Management Agency (FEMA) declared disaster area eligible for individual assistance.  This follows an earlier 90-day suspension of foreclosure sales and evictions in the impacted areas.   In addition to the foreclosure sale and eviction moratorium, homeowners impacted by Hurricane Sandy may be eligible for forbearance, loan modifications or waived late payment charges.

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SHAHAR MANAGEMENT

 

Debbie Walsh, GRI, CNE, CHMS, REM | Office (845) 283-3036 |

website www.viewhudsonvalleyhome.com | search for homes

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Rainmaker
710,890
Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR
BROKER of Green Realty Properties® - 954-667-7253 - Davie, FL
Top Listing Broker

Debbie,

I think this a great thing for families in the affected areas, they have enough to deal with, trying to re-build their lives without having to worry about a foreclosure/eviction.

Feb 14, 2013 07:22 AM #1
Rainmaker
695,109
Sharon & Bruce Walter
Keller Williams Realty Lafayette, IN - Lafayette, IN
West Lafayette homes for sale
Debra, this is good news but probably just delays the inevitable until the housing market in those areas fully recover, and most importantly people have jobs! So sad!
Feb 16, 2013 10:51 PM #2
Rainmaker
982,170
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Hi Debbie, any extended time will help, however to rebuild the damaged after hurricane sandy may require longer period.

Feb 18, 2013 10:59 PM #3
Rainmaker
928,211
Debbie Walsh
Shahar Management - Middletown, NY
Hudson Valley NY Real Estate 845.283-3036

Thanks so much for the comments.  Yes this whole situation is sad and they still have such a long way to go.

Mar 19, 2013 06:44 AM #4
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Rainmaker
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Debbie Walsh

Hudson Valley NY Real Estate 845.283-3036
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