HUD Announces Moratorium on FHA Mortgage Foreclosures for Tennessee Counties Affected by Flood


 We are already getting a number of calls from clients and potential clients regarding the possibility of foreclosure if they do not make payments on their homes that have been damaged by the recent floods in the Middle Tennessee area. The U.S. Department of Housing and Urban Development ("HUD") announced that there will be a 90-day moratorium on foreclosures of FHA mortgages. As a result, If you have an FHA mortgage that is already in the foreclosure process, you have been given a 90-day grace period on those foreclosure proceedings.

However, I do no believe that the moratorium will prevent a foreclosure after this moratorium. As a result, if you have the ability to make your mortgage payments, it is likely in your best interest to make the payments. At some point in the future (maybe longer than 90 days if the moratorium is extended), foreclosure proceedings will be allowed to begin again. However, if you are already facing foreclosure on an FHA mortgage, you need to use this 90-day period to seek help. If your home was damaged by the flood, FEMA, as well as other federal and state agencies, are offering some limited help. If you have an FHA loan but your home was not damaged by the flood, you need to have a plan for dealing with the foreclosure at the end of the 90-day moratorium.

If you do not have an FHA mortgage, the moratorium does not directly affect you. However, you may be able to get assistance from the lender to delay any foreclosure proceedings by calling and talking to the lender. Hopefully, the lender will be open to this.

We encourage anyone facing foreclosure to explore any and all of the assistance that has been made available as a result of the disaster that has affected our area. However, if you are still facing foreclosure after all of your other options are exhausted, please contact us if we can be of help.

Комментарии

Отправить комментарий

Популярные сообщения из этого блога

To Repair Finances, Consumers Must Take Pragmatic Approach to Cutting Costs, Filing for Tennessee Bankruptcy

Изображение
 American consumers are traditionally pessimistic about the national economy. Yet when it comes to our own economies - our family finances - we can be optimistic to the point of default. From mounting credit card debt to missed mortgage payments, today's average consumer faces big financial troubles. But when it's time to fix our finances, we tend to take baby steps. We chalk the money problems up to a temporary issue, like those unexpected car repairs or that bigger-than-anticipated medical bill. Lawyer office in Michigan . We optimistically hope for a solution, such as that pay raise our boss mentioned last year. We might make a few budget tweaks here and there, but for the most part we continue spending as usual, using credit cards to cover the gap between income and expenses. Before long, our credit cards are maxed out, our house is on the verge of foreclosure, and that raise that we were holding out hope for never came through. Half-baked solutions produce half-baked
Далее...

Tennessee Bankruptcy Can Assist Mortgage Holders Not Helped By Bank Settlement

Изображение
  Federal and state governments have struck a historic $26 billion dollar settlement with banks accused of wrongfully handling foreclosures. Of the total, $146 million is earmarked for Tennessee, according to the Memphis Business Journal. The five big banks involved in the deal were part of a nationwide investigation of improper foreclosure practices in which mortgage servicers used robo-signed documents and other potentially incorrect information to unfairly throw people out of their homes. By hashing out the agreement, lenders were able to avoid criminal prosecution. Money resulting from the settlement is intended to help prevent more foreclosure problems, ease the current mortgage mess, and assist some of those who lost their houses. Unfortunately, Tennessee bankruptcy lawyers say it may not do much good for those who need it most. Most of the money is being distributed to help state and local government agencies better enforce fair lending practices. Lawyer office in Michiga
Далее...

Tennessee Bankruptcy May Help Homeowners Hit by Second Wave of Foreclosures

Изображение
  It looks like a recent drop in Tennessee foreclosures was just a brief calm before the storm, according to The Tennessean. In 2011, approximately 11 percent of Nashville area home sales were related to foreclosures - a one-third decrease from the previous year. Now the number is expected to rise to as high as 15 percent. Though it's still lower than the foreclosure rate at the peak of the mortgage bust, the prolonged downward pressure on prices is sure to have a negative effect on consumer confidence, which is an important factor in economic recovery. Foreclosures were put on hold in recent months as banks were forced to sort through the mess they created by allowing forged and robo-signed documents. Lawyer office in Michigan . Now that the $26 billion mortgage settlement has been announced, lenders are getting back to business. With 864 bank-owned properties in 2011, the Nashville metropolitan area already has one of the highest rates of mortgage defaults, auctions and bank
Далее...