The Federal Housing Administration has extended its foreclosure moratorium period for Hurricane Maria victims, adding another 60 days to the window. Homeowners with FHA-backed loans in “Presidentially Declared Major Disaster Areas” are now permitted relief until May 18.
According to a Department of Housing and Urban Development (HUD) release, the eligibility requirements:
- The household lives within the geographic boundaries of a Presidentially declared disaster area impacted by Hurricane Maria;
- A household member of someone who is deceased, missing or injured directly due to the disaster; or
- The borrower’s ability to make mortgage payments is directly or substantially affected by a disaster.
Additionally, homeowners have other options, available in detail at HUD.gov.
Source: U.S. Department of Housing and Urban Development (HUD)Â
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