Homeowners in the four states hit hardest by Hurricane Sandy will receive temporary relief from the U.S. Department of Housing and Urban Development, Bloomberg reported Nov. 6.
The agency issued a 90-day moratorium on foreclosures for borrowers with federally insured mortgages in Connecticut, New Jersey, New York and Rhode Island. The agency also allowed officials in the four states to re-allocate federal housing funds toward services for hurricane survivors.
New York Governor Andrew Cuomo announced that several mortgage servicers and state-chartered banks also will waive foreclosures and late fees for 90 days in the wake of Hurricane Sandy.
Some banks and servicers also have offered suspended interest on closed refinancing transactions and have waived late payment notifications.
“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” said HUD Secretary Shaun Donovan during a visit to disaster areas, Bloomberg reported. Residents in the four states also can obtain as much as 100 percent financing from the Federal Housing Administration to rebuild their homes or purchase new ones.
New York City Mayor Michael Bloomberg said as many as 10,000 city residents will need housing, and he appointed former Federal Emergency Management Agency official Brad Gair to head up the city’s housing recovery efforts.
The Appraisal Institute Relief Foundation is available to provide emergency financial assistance to help Appraisal Institute members, employees and their families.