whose homes were damaged by the late October super-storm Sandy are getting an
extension of the mortgage relief extended immediately after the storm. The Federal Housing Administration (FHA) and
Fannie Mae and Freddie Mac (the GSEs) will extend their respective 90 day moratoria
on foreclosures and evictions that were authorized in November for an
additional 90 days.
Secretary of Housing and Urban Development
Shaun Donovan and Edward J. DeMarco, acting director of the Federal Housing
Finance Agency (FHFA) announced the extensions on Thursday. The moratoria apply to homeowners with properties
in the nine states and the District of Columbia which were declared disaster
areas after the Hurricane and halt both foreclosure starts and foreclosures
already in process.
all too clear that families
need more time to get back on their feet without
having a foreclosure or
eviction hanging over their
heads," said Donovan. "As
work to rebuild after
this historic storm, we'll do everything we can
to ease the
crushing burden being faced
whom have been forced from their homes."
In addition to extending the foreclosure
moratorium for 90 days, FHA is also
suspending evictions of persons from
FHA mortgages in
these affected counties through
April 30, 2013.
Freddie Mac and Fannie Mae said that, in
addition to the foreclosure sale
and eviction moratoria, homeowners impacted by Hurricane Sandy may be eligible
modifications or waived late payment charges.
FHFA's news release can be found here.