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HUD Outlines Relief Options For Borrowers
The Putnam County Housing Corporation (PCHC) is a Department of Housing and Urban Development (HUD) certified Housing Counseling Agency. HUD has notified the PCHC that it is directing all FHA-approved lenders to provide relief to borrowers with an FHA-insured mortgage on their residence who have been affected by the events of September 11, 2001. Affected borrowers are those individuals who were passengers or crew on the four hijacked airlines, individuals employed on September 11, 2001, in or near the World Trade Center, or in the Pentagon, and individuals whose financial viability was affected by the aforesaid events of this day.
Additionally, HUD is asking all members of the Mortgage Banks Association of America, including those whose portfolios are not insured by FHA, to provide this relief to affected homeowners as well. Specifically, HUD has declared a 90-day moratorium on the foreclosure of any FHA-insured single-family mortgage in which an affected borrower is an, owner-occupant of the property securing the mortgage. This moratorium applies to the initiation of foreclosure and to foreclosures already in process. HUD is also recommending that mortgages waive all late charges for affected borrowers, and suspend the reporting of all delinquencies of affected borrowers to credit bureaus, beginning with the September 2001 installment.
During and after the foreclosure moratorium, HUD is requesting lenders consider all applicable FHA loss mitigation options for affected borrowers, and give the borrowers the benefit of the doubt, especially when evaluating the borrower’s documentation of lost income or increased expenses.
Any resident requiring assistance should contact the PCHC at 845-225-8493 ext. 212, Monday through Friday from 8:30am to 4:30pm.
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