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GSEs, FHA Extend Foreclosure Relief for Hurricane Sandy Victims

Homeowners in foreclosure who were also impacted by Hurricane Sandy will get another 90 days of relief from a foreclosure sale or pending eviction, announced ""Federal Housing Administration"":http://portal.hud.gov/hudportal/HUD?src=/federal_housing_administration (FHA), ""Fannie Mae"":http://www.fanniemae.com/portal/index.html, and ""Freddie Mac"":http://www.freddiemac.com.

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The new 90-day extension is for homeowners with mortgages backed by one of the GSES and with properties or employment in FEMA declared disaster areas.

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The ""initial 90-day extension"":http://dsnews.comarticles/gses-update-provisions-for-sandy-victims-2012-11-09 was granted in November and the second extension lasts through April 30, 2013.

In addition to suspending foreclosure sales and evictions, eligible homeowners may also qualify for forbearance, loan modifications, or waived late payment charges.

""We continue to do our part to help impacted homeowners. This additional time will allow homeowners to continue to do what is necessary for their families to get back on their feet,"" said Leslie Peeler, SVP of national servicing organization at Fannie Mae.

""Extending our policies is common sense given the extent of Hurricane Sandy's impact on borrowers and servicers. By working together with servicers and non-profit organizations we can help drive the recovery now underway in neighborhoods across the region,"" said Tracy Mooney, SVP of single-family servicing and REO at Freddie Mac.

For properties secured by FHA, the agency also announced it is extending relief for another 90 days suspending eviction and extending moratoriums on the initiation of foreclosures and foreclosures already in process.

About Author: Esther Cho

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