Colorado Flood Victims: Mortgage Relief is Available
Following the devastating damage caused by the flash floods in Colorado, government agencies have announced a series of foreclosure and mortgage relief measures to assist affected homeowners in the federally declared disaster areas of Adams, Boulder, Larimer and Weld counties.
The U.S. Department of Housing and Urban Development (HUD) issued this release outlining the various disaster assistance initiatives that are available, such as a 90-day moratorium on foreclosure proceedings for borrowers with loans backed by the Federal Housing Administration (FHA).
Government-sponsored enterprise Freddie Mac has also announced that, as part of its mortgage relief policy for natural disaster victims, mortgage servicers can waive late fees and grant up to a 12-month forbearance period for Colorado homeowners whose properties were damaged or destroyed by flooding.
Such initiatives may provide some semblance of hope to borrowers who are currently trying to assess their next steps in the wake of an undoubtedly traumatic experience.
As always, HPF reminds homeowners who are at risk of foreclosure, including those in Colorado affected by the floods, to call our HOPE Hotline at 888-995-HOPE (4673) for free assistance from a HUD-certified counselor.