HUD ANNOUNCES DISASTER ASSISTANCE - Includes A 90-Day Moratorium On All Foreclosures Of FHA-Insured Properties

HUD ANNOUNCES DISASTER ASSISTANCE - Includes A 90-Day Moratorium On All Foreclosures Of FHA-Insured Properties: "WASHINGTON � Housing and Urban Development Secretary Alphonso Jackson today announced that he is instructing all FHA-approved lenders to provide foreclosure relief to FHA-insured families who are affected by Hurricane Katrina. The relief includes a special 90-day moratorium on all foreclosures of FHA-insured properties in the Presidentially declared disaster areas. Jackson is also encouraging lenders to undertake actions such as mortgage modification, refinancing, and waiver of late charges.
'We understand the pain that these families are going through in the wake of Hurricane Katrina, Jackson said. We are committed to giving those families the security of having a roof over their heads as soon as possible - even if it's a temporary solution."
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