Hurricane Harvey recently left a path of devastation in the Southern U.S. that could take years to clean up. In the midst of this, many people have had to flee their homes, leave their jobs and are not sure yet when they can return. As is often the case in such circumstances, many different types of relief have been offered to the victims of this crisis, including a temporary reprieve from foreclosure. With the storm activity that is in and around Florida, this may be something to consider when faced with losing one’s home.
Along with the evacuation of thousands of people, at least 14 were killed when the storm raced into the heart of the country. Homes were flooded, and many remain so days later. Even when the waters subside, there will be unimaginable damage with which to deal. Mold and other complications from water damage could cost millions to homeowners in the area.
Because of this crisis, the Federal Housing Administration, or FHA, Freddie Mac and Fannie Mae have all agreed to grant relief to the victims of this storm. Evictions and foreclosures will be suspended on any home that is within the disaster areas, as long as the home mortgage was guaranteed by or owned by one of these agencies. They currently back around 400,000 mortgages on homes in the 18 counties affected by the storm.
Anyone who is facing foreclosure because of a natural disaster could benefit from speaking with a bankruptcy attorney. This type of lawyer can inform the victim of any reprieves and suspensions currently in place that could apply to him or her. If a Florida resident finds him or herself homeless due to the upcoming storm, he or she may choose to contact a bankruptcy lawyer to learn about the options available.
Source: inman.com, “Hurricane Harvey Victims Granted Temporary Relief From Foreclosure“, Andrea V. Brambila, Aug. 29, 2017