Foreclosure protection offered to displaced families
WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced HUD will speed federal disaster assistance to the State of Washington and provide support to homeowners and low-income renters forced from their homes following flooding and mudslides beginning on March 22, 2014, and continuing.
Yesterday, President Obama issued a major disaster declaration for Snohomish County and the Sauk-Suiattle, Stillaguamish and Tulalip Indian Reservations. The President's declaration allows HUD to offer foreclosure relief and other assistance to certain families living in these impacted areas.
"Families who may have been forced from their homes need to know that help is available to begin the rebuilding process," said Donovan. "Whether it's foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can."
Making mortgage insurance available - HUD's Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;
Making insurance available for both mortgages and home rehabilitation - HUD's Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home; and
Information on housing providers and HUD programs - The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.
HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
HUD is working tostrengthen the housing market to bolster the economy and protect consumers; meet the
need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build
inclusive and sustainable communities free from discrimination; and transform the way HUD does business.
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