DSNews The homepage of the servicing industry
""HUD"":http://portal.hud.gov/hudportal/HUD is rolling out relief strategies for servicers and borrowers caught in the devastation brought on by Hurricane Sandy.
[IMAGE]HUD secretary Shaun Donovan announced the department is working to speed up federal disaster assistance to areas in New York and New Jersey following the passage of the storm.
[COLUMN_BREAK]The announcement follows a disaster declaration for those states from President Obama.
According to a release, HUD is currently contacting state and local officials in New York and New Jersey to discuss opportunities to use its Community Development Block Grant (CDBG) and HOME programs to re-allocate federal resources toward disaster recovery efforts. Federally guaranteed loans are being offered for housing rehabilitation and economic development in disaster areas.
HUD is also granting a 90-day forbearance on foreclosures of home mortgages insured by the Federal Housing Administration (FHA).
In addition, HUD reminds homeowners that its Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and have to rebuild or buy another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs. The announcement also notes HUD's Section 203(k) loan program, which enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage.
