HUD halts some foreclosures in wake of hurricane

TRD New York /
Oct.October 30, 2012 05:30 PM

The U.S Department of Housing and Urban Development has issued a 90-day moratorium on foreclosures of FHA-insured mortgages for homeowners in the New York region, the agency said today.

The measure applies to homes across New York City and Long Island’s Nassau and Suffolk counties, and comes as a result of President Barack Obama’s disaster declaration for areas affected by Hurricane Sandy.

“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” HUD Secretary Shaun Donovan said in a statement. “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.”

In addition, borrowers from FHA-approved lenders who lost their homes as a result of the hurricane are eligible for 100 percent financing – including closing costs – if they must rebuild their current home or buy a new one.

Other assistance includes allowing New York State to allocate existing federal funding to address the repair and replacement of housing units damaged in the storm. – Zachary Kussin


Related Articles

arrow_forward_ios
Maefield Development's Mark Siffin and 20 Times Square (Credit: Maefield)

Lender forecloses on Maefield’s billion-dollar Times Square project

Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Home foreclosures dropped nearly 20% in Q3, report shows

Home foreclosures dropped nearly 20% in Q3, report shows

Manhattan’s 10019 zip code, which covers Midtown, Times Square, Herald Square and Midtown South, saw the most foreclosures in the borough with eight. (Credit: iStock)

Manhattan foreclosures soar 118%, driven by mortgage defaults

Secretary of the Department of Housing and Urban Development Ben Carson (Credit: Getty Images and iStock)

“Rich people are going to get richer anyway”: HUD Secretary Ben Carson dismisses concerns that Opportunity Zones will only benefit rich people

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

15 East 63rd Street and Oleg Cassini (Credit: Google Maps and Getty Images)

Oleg Cassini’s former UES headquarters faces foreclosure

Mayor Bill de Blasio and Frank Carone (Credit: Getty Images)

City tapped De Blasio donor to take over foreclosed properties

arrow_forward_ios