WASHINGTON–The Federal Housing Administration (FHA) reported it has provided additional relief to victims of the natural disasters during 2017.
The FHA said it has been offering expanded mortgage relief to FHA-insured homeowners who live or work in areas impacted by the Hurricanes Harvey, Irma, and Maria, as well as those hit by the California wildfires and subsequent flooding and mudslides.
Additional options are being offered to eligible disaster victims in Texas, Louisiana, Georgia, Florida, South Carolina, California,
Puerto Rico, and the U.S. Virgin Islands. The FHA said the steps it has taken allow victims to remain in their homes while reducing losses that would otherwise negatively impact FHA’s Mutual Mortgage Fund, according to a statement.
“It’s clear that FHA homeowners in these areas need more help to get back on their feet as they recover from these storms,” said HUD Secretary Ben Carson in a statement. “Today, we offer immediate relief to these borrowers which will allow them to resume their mortgage payments without crippling payment shock and fees while protecting our insurance fund in the process.”
According to the FHA, the expanded loss mitigation will also streamline income documentation and other requirements to expedite relief to homeowners struggling to pay their mortgage while recovering from the disasters.