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HUD Extends Foreclosure Moratorium For FHA-Insured Homeowners In Hurricane Affected Areas

November 28, 2005

Additional relief granted to victims of Katrina and Rita

WASHINGTON - HUD Secretary Alphonso Jackson is instructing all FHA-approved lenders to provide additional foreclosure relief to FHA-insured families who live or work in those areas hardest hit by Hurricane Katrina and Rita . The relief affects all pending foreclosures of FHA-insured properties in the Presidentially declared disaster areas designated by the Federal Emergency Management Agency (FEMA) as eligible for individual assistance. Additionally, it prohibits lenders from initiating new foreclosures. Jackson is also again encouraging lenders to undertake actions such as assisting borrowers with hazard and flood insurance filings, waiver of late charges, and mortgage modification.

"It is important that families left devastated in the wake of these hurricanes are able to focus on rebuilding their lives, not worrying about losing their homes, said Jackson. "We are committed to helping families rebuild their communities. This moratorium gives families with FHA-insured mortgages time to get back on their feet and peace of mind in knowing there's a helping hand ready to work with them through the recovery."

The extended moratorium will be in effect until February 28, 2006. A current foreclosure moratorium impacting FHA mortgages in Presidentially declared disaster areas hit by Hurricane Wilma will remain effective until January 22, 2006 unless otherwise extended by the Secretary.

Source: HUD

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