HUD implements forclosure moratorium for Sandy victims
Monday, November 5, 2012
U.S. Department of Housing and Urban Development Secretary Shaun Donovan said Monday he has imposed a 90-day moratorium on foreclosures of Connecticut properties and others in Hurricane Sandy-hit areas that were bought with Federal Housing Administration (FHA) loans.
"People have already suffered one disaster, they don't need two," he said.
The mortgage moratorium was declared in major disaster areas in New York, New Jersey, Connecticut and Rhode Island.
Donovan also said he is urging homeowners who receive insurance payments or disaster grants or loans to use them to repair their homes instead of paying down their mortgages.