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Posted September 11th, 2017

     Today, the Federal Housing Administration (FHA) is issuing a reminder to mortgagees about its guidance for originating and/or servicing forward and reverse mortgages in areas covered by a Presidentially-Declared Major Disaster Area (PDMDA). The following guidance applies to all areas covered by a PDMDA, including current PDMDA designations in Texas resulting from Hurricane Harvey, and any PDMDA designations resulting from Hurricane Irma: 

  • FHA-insured mortgages secured by properties in a PDMDA are subject to a 90-Day foreclosure moratorium following the disaster.
  • In PDMDAs only, HUD provides mortgagees an automatic 90-Day extension from the date of the foreclosure moratorium expiration date to commence or recommence foreclosure action or evaluate the borrower under HUD’s Loss Mitigation Program.

Mortgagees should review complete servicing guidance in the Single Family Housing Policy Handbook 4000.1 (SF Handbook), Sections III.A.2 and III.A.3.c relating to the servicing of mortgages in PDMDAs.

In preparation for assisting homeowners with longer-term recovery efforts, mortgagees should also review:

  • FHA’s 203(h) Mortgage Insurance for Disaster Victims requirements in Section II.A.8.b of the SF Handbook. The 203(h) program allows FHA to insure mortgages for victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.
  • FHA’s 203(k) Rehabilitation Mortgage Insurance Program requirements in Section II.A.8.a of the SF Handbook. The 203(k) program provides mortgage financing or refinancing which includes the cost of home repairs – both structural and non-structural – into the loan amount. 

For additional information on FHA and Federal Disaster Relief Programs, visit the FHA Frequently Asked Questions website below, select Keyword Search and use the key word “Disaster”.  

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