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November 01, 2012

HUD 90-day foreclosure moratorium in 3 states

The Department of Housing and Urban Development set a 90-day moratorium on foreclosures on Federal Housing Administration-insured mortgages in New Jersey, New York and Connecticut due to Hurricane Sandy.

HUD announced the moratorium Wednesday. It applies to homeowners in areas named in presidential emergency declarations that were signed earlier this week.

Disaster victims are eligible for 100 percent financing to rebuild or purchase a new home through an FHA-approved lender, the department said. Insurance is also available to refinance and repair a home under a single mortgage.

For more, see the HUD announcements:

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