Mortgage Relief for Victims of Hurricane Sandy

President Obama signed disaster declarations for 13 states and the District of Columbia in the wake of Hurricane Sandy, according to nationalmortagenews. Fannie Mae and Freddie Mac are offering forbearance on loans to borrowers affected by Hurricane Sandy, and Freddie says its servicers can suspend eviction and foreclosure proceedings for up to a year in disaster situations. The Department of Housing and Urban Development (HUD) offers special loan programs to borrowers who want to rebuild or repair their homes in disaster areas, as well as programs to help municipalities repair infrastructure or rehabilitate housing. Said HUD Secretary Shaun Donovan, “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.” MHProNews has learned the storm has delayed thousands of closings and will likely reduce profits for Oct.

(Photo credit: Verizon–Verizon office in lower Manhattan)

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