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FHA Rescues Homeowners

The Federal Housing Authority (FHA) is coming to the rescue of more than 3000 homeowners whose homes were damaged by Superstorm Sandy. Under a new program, the FHA is allowing these homeowners whose homes were damaged by Superstorm Sandy to apply for mortgage loan modifications. The purpose of this program is to help reduce the monthly mortgage payments of homeowners whose homes were damaged by Superstorm Sandy.

Mortgage Moratorium Ends

Initially, after Superstorm Sandy hit the northeast, there was a mortgage moratorium program established. That program is coming to an end. However, homeowners whose homes have never successfully been repaired are still entitled to the moratorium under this former program. At a news conference which took place at New York Senator Charles Schumer’s Manhattan office, United States Housing and Urban Development Secretary Shaun Donovan stated “this will give homeowners the breathing room and they need.” “Many are still struggling and it is heartbreaking to know that people who lost their homes because of this natural disaster can now lose their homes from a man-made disaster: a foreclosure.”

Loan Modifications

A new loan program will now allow more than 1/4 million New Yorkers to obtain “stream lined loan modifications.” This program will apply to areas affected by Superstorm Sandy.

Additional measures to help families of damaged homes are being considered by Fannie Mae and Freddie Mac. New York Senator Charles Schumer is also urging private financial institutions to develop programs of a similar nature to assist homeowners whose homes were damaged by Superstorm Sandy recover from this difficult situation. Senator Schumer specifically stated “it is time for the banks to step up and assist homeowners who have been doing the right thing all along.”

About The Author

foreclosure assistanceElliot S. Schlissel is the former President of the Commercial Lawyers Conference of New York. He has more than three decades of legal experience litigating foreclosure related cases, dealing with predatory lending issues and foreclosure related bankruptcy problems. Elliot and is dedicated staff of attorneys are available seven days a week to talk to prospective clients. Call for a free consultation at 1-800-344-6431, 516-561-6645 and 718-350-2802.

Governor Cuomo’s Buyout Plan for Homes Destroyed by Superstorm Sandy

foreclosure defense attorneyGovernor Cuomo wants to utilize four hundred million dollars of federal housing money to fund a buyout program of homes destroyed by Superstorm Sandy. Governor Cuomo had stated these homeowners are trapped because no one will buy their home since it was destroyed and it was in a flood zone. He wants the state to pay one hundred percent (100%) of the pre-storm value of these homes. Governor Cuomo seeks to target the hardest hit areas with his buyout plan.

Qualifying for the Buyout

For a homeowner to qualify for a buyout, the home must have sustained more than fifty percent (50%) damage. This damage must have reduced the home’s value by more than half of its pre-market value. In addition, the governor is working with both Nassau and Suffolk counties to provide funds for homeowners to raise the elevation of their homes and to rebuild their homes stronger so they will withstand future storms. Governor Cuomo stated, AI would rather spend more money and build back a home the right way, with the right design and the right technology, than build it back in two years and in four years and in six years.

Governor Cuomo was confident since New York State has been awarded thirty billion dollars by the Federal government there would be sufficient funds to cover these buyouts.

About the Author

homeowner advocateElliot S. Schlissel, Esq. has been representing homeowners throughout the metropolitan New York area for more than twenty five (25) years regarding real estate issues, issues concerning fraudulent foreclosures, loan modifications, and improper bank practices andforeclosures. His law firm seeks to keep homeowners facing foreclosure in their homes.

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