The U.S. Housing and Urban Development Secretary Steve Preston announced last week that HUD is ready to speed federal disaster assistance to hurricane-ravaged counties throughout the Gulf Coast and provide support to homeowners and low-income renters forced from their homes following Hurricane Gustav. This assistance includes foreclosure relief for families whose damaged homes are insured through the Federal Housing Administration (FHA) living in presidentially declared disaster areas.

"HUD is ready to support families in getting back on their feet as quickly as possible," said HUD Secretary Steve Preston. "One way we can do that is call a time-out on foreclosures in these disaster areas and call on the rest of the mortgage lending community to follow suit. Families need a little breathing room to take stock of their losses as they begin the process of putting their lives back together."

What this protection will do is grant a 90 day moratorium on foreclosures of mortgages insured by the FHA. This comes on the tails of President Bush declaring disaster areas.

For more information about HUD programs designed to assist disaster victims, visit hud.gov.

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Published: September 9, 2008

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