HUD And FHFA Extend Relief For Hurricane Victims

Posted by Orb Staff on February 01, 2013 No Comments
Categories : Mortgage Servicing

13218_flood HUD And FHFA Extend Relief For Hurricane Victims The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) have announced that the Federal Housing Administration (FHA), Fannie Mae and Freddie Mac will extend expiring protections barring 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 nine states and the District of Columbia 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 progress.

The FHA is also suspending evictions of persons from properties secured by FHA mortgages in these affected counties through April 30. After consultation with the 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.

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