Foreclosure Relief in The Wake of Hurricane Sandy
Distressed homeowners in the Northeast received a double whammy when Hurricane Sandy barreled through the region last week, leaving behind over $50 billion in total damages and straddling homeowners with thousands of dollars of repair and cleanup. These added expenses, along with the potential costs associated with being displaced, can often push an already struggling homeowner even deeper into default.
Fortunately, the Department of Housing and Urban Development (HUD) announced that those affected by Hurricane Sandy and holding FHA-backed mortgages would receive 90-days of forbearance on foreclosure proceedings, granting a window of immediate relief to many homeowners in New Jersey, New York, Connecticut, and Rhode Island. Additionally, many large banks are offering assistance for those with mortgages, from forbearance to payment extensions to waived late fees. Victims of the hurricane can also apply for disaster assistance through the Federal Emergency Management Agency (FEMA). After a natural disaster as destructive as Hurricane Sandy, it’s very important that homeowners know their options.
Hurricane Sandy victims who believe that they are at risk of foreclosure can call the Homeowner’s HOPE Hotline at 888-995-HOPE (4673) to speak to an expert about their individual housing situation.