Foreclosure Relief and Other Disaster Assistance for Kentucky
The presidential major disaster declaration affects several counties in the State of Kentucky:
HUD Disaster Relief = Foreclosure Moratorium
HUD offers immediate help to those facing foreclosure in the affected counties. This foreclosure relief comes for those with FHA mortgages in the form of a 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured home mortgages.
According to HUD, the relief is official starting on the date of the Presidential major disaster declaration, and also provides relief in situations involving foreclosures of mortgages to Native American borrowers guaranteed under the Section 184 Indian Home Loan Guarantee program as HUD.gov reminds.
FHA Rehab Loans
FHA and non-FHA borrowers alike have an option to rebuild or replace homes damaged in these federal disaster areas using FHA 203(k) and FHA 203(h) rehabilitation loan options. The 203(k) Rehab loan is offered to any financially qualified applicant, but the FHA 203(h) Rehab loan is specifically for recovering from a disaster. You can use these loans to purchase, replace, renovate, or refinance a home.
What’s more, FHA 203(k) and FHA 203(h) programs may be used together when recovering from a disaster. Do you need help knowing how to apply for or use this relief? Contact your loan servicer as soon as possible or call the FHA Resource Center (1-800-304-9320).
It’s never safe to assume that assistance with a mortgage is automatic. If your home was damaged or destroyed in a national disaster you should contact your lender as soon as possible to learn what options are open to you and to learn how to make arrangements for loan assistance should you be in danger of missing payments after the disaster.
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