HUD Disaster Assistance Extension for Hurricane Maria
Effective immediately, the Federal Housing Administration (FHA) released a Mortgagee Letter granting a second extension of the current foreclosure moratorium related to Hurricane Maria. The extension is applicable to FHA-insured homeowners in counties eligible for FEMA-designated Individual Assistance located within Presidentially-Declared Major Disaster Areas of Puerto Rico and the U.S. Virgin Islands. Due to extensive damage in the affected areas, HUD is instructing lenders and servicers to continue the suspension of foreclosure actions through May 18, 2018.
For complete details, please review the Mortgagee Letter (ML 2018-02) and HUD Press Release.
Proctor will continue to monitor regulatory requirements and will provide updates as they develop.