President Obama signed a disaster declaration—HUD No. 12-169–for the state of Rhode Island in the wake of Hurricane Sandy’s swath of damage. 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 understands HUD offered the same assistance previously to New Jersey, New York and Connecticut.
(Photo credit: TheWesterlySun–Hurricane Sandy damage)