Foreclosure Protection Granted for NY Storm Victims
Following the devastation of Hurricane Sandy, the Department of Housing and Urban Development has announced it will speed up federal disaster assistance for New York and give support to homeowners and renters with low income who were forced from their homes before and after the storm.
On October 30, President Obama announced a disaster declaration for Bronx, Kings, Nassau, New York, Richmond, Suffolk, and Queens. Such an announcement allows HUD to offer foreclosure relief and other types of assistance to families in the designated counties.
Assistance Offered by HUD following Hurricane Sandy:
The Community Development Block Grant (CDBG) and HOME programs under HUD allow the state and different communities to redirect funds in moments of crisis and provide housing services for victims. HUD is currently in the process of contacting officials with the state and communities to speed up repair and replacement procedures after housing was damaged.
HUD has also announced that a 90-day moratorium is issued for foreclosures of home mortgages under Federal Housing Administration (FHA) insurance. Additionally, the Section 203(h) program under HUD gives PHA insurance to disaster victims who lost their homes and need to rebuild the home or buy another residence. Borrowers connected with lenders approved by the FHA can receive 100 percent financing for homes.
HUD is also offering the Section 203(k) loan program and Section 108 loan guarantee assistance. The Section 203(k) loan program allows a former homeowner to finance a new home through a single mortgage. The Section 108 gives state and local governments loans for rehabilitation of homes, economic development, and infrastructure repairs.
HUD Secretary Shaun Donovan stated, “Families who may have been forced from their homes need to know that help is available to begin the rebuilding process. Whether it’s foreclosure relief for families with FHA-insured loans or helping these counties to recover, HUD stands ready to help in any way we can.”
Source: U.S. Department of Housing and Urban Development
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