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Posts Tagged ‘disaster victims’

HUD Offers Help to Storm Victims

November 5th, 2012 Comments off

As the result of damage inflicted by Hurricane Sandy, President Obama issued a disaster declaration for specific counties in Connecticut, New Jersey and New York, as well as the Mashantucket Pequot Indian Reservation in Connecticut. The Department of Housing and Urban Development (HUD) is offering disaster victims whose homes were damaged or destroyed a 90-day moratorium on foreclosures of Federal Housing Administration (FHA) -insured mortgages. HUD will also provide FHA mortgage insurance for those rebuilding or buying another home, with borrowers eligible for 100 percent financing. In addition, jurisdictions may redirect current federal funds to assist with housing and other critical services. MHProNews has learned states and local communities may obtain federally guaranteed loans for economic development, housing rehabilitation, and to repair infrastructure.

(Image credit: Dept. of Housing and Urban Development)

FHA to Lenders: Pay Hurricane Isaac Claims Now!

September 25th, 2012 Comments off

MHProNews has learned the Federal Housing Administration (FHA) issued a reminder to approved FHA lenders to promptly release hazard insurance funds to disaster victims of Hurricane Isaac, as per loan documents. The Mortgagee Letter says in the past some lenders used hazard insurance proceeds to pay off the mortgage, leaving the homeowners no funds to rebuild homes and lives. FHA’s Acting Commissioner Carol Galante says, “FHA Lenders are always required to follow our guidance and, particularly following a devastating disaster like Hurricane Isaac, it is important that FHA take affirmative steps to ensure that is the case.” The lender must be listed as “Loss Payee,” which protects the lender, but also ensures proceeds are available once rebuilding of the home begins. For the full HUD press release, click here.

(Photo credit: Huffington Post/Getty)