The Federal Housing Administration has ordered a 90-day temporary suspension of foreclosures in areas affected by Hurricane Sandy last week, the U.S. Housing and Urban Development announced Monday.
“I directed all FHA lenders to impose a moratorium on any foreclosures for 90 days in disaster-affected areas,” Shaun Donovan, HUD secretary, told reporters. “We don’t want families to be victimized twice — once by the storm and once by a foreclosure.”
Following the storm last week that ravaged the East Coast, mortgage giants Fannie Mae and Freddie Mac also announced mortgage relief for Sandy victims. Sandy victims with Fannie- or Freddie-backed loans might also qualify for temporary forbearance on their mortgages, possibly even up to a year.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/11/06/fha-orders-foreclosure-halt-for-sandy-victims
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