The U.S. Department of Housing and Urban Development recently announced its plans to help the residents along with the state and local governments in Virginia who were affected by Hurricane Sandy. Along with FEMA and other organizations, HUD will provide assistance and resources for homeowners and low-income renters who are struggling as a result of the storm and may lose their home. President Obama issued a disaster declaration for 28 Virginia counties. These will be the counties that will receive the aid from HUD. HUD Secretary, Shaun Donovan announced that the Department will help provide foreclosure relief for families with FHA loans and assist in any other way they could.
HUD will allow those counties in critical condition the ability to re-allocate millions of dollars in funds toward disaster relief. HUD also granted all foreclosures and forbearance on foreclosures a 90-day forgiveness period for FHA insured homes. HUD has also made insurance available through FHA for mortgages and home rehabilitations. In addition, the Department will offer loans to state and local government for the economic development of damaged communities.
To read more on this story visit: http://www.loansafe.org/virginia-storm-victims-receiving-foreclosure-protection-from-hud
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Tag: Hurricane Sandy
Fannie Mae & Freddie Mac Suspend Foreclosures in Sandy Affected Areas
Fannie Mae and Freddie Mac recently announced that both will temporarily suspend foreclosure proceedings in federally declared disaster areas due to Superstorm Sandy. Borrowers in these areas will receive a 90-day mandatory suspension on foreclosure sales and evictions. Freddie Mac announced that by issuing the suspension, the communities and neighborhoods could focus on a faster recovery from the storm.
Freddie and Fannie are also offering storm victims the option to postpone mortgage payments by phone for up to 12 months. The lenders did so in order to introduce a quicker and easier forbearance method to borrowers. Additionally, they have ordered their insurers to expedite payments on insurance claims to help borrowers with destroyed properties and daily living expenses such as hotel rooms. Fannie and Freddie will also alleviate restrictions on payments to contractors so that repairs can be done faster.
To read more on this story visit: http://money.cnn.com/2012/11/09/real_estate/foreclosure-storm-relief/index.html?iid=HP_River
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Big Banks Offer a Helping Hand to Victims of Superstorm Sandy
Big banks are offering some much needed financial relief to many East coast residents who were impacted by Superstorm Sandy. Banks such as Citi, Wells Fargo, Bank of America, Chase and American Express have been sending out e-mails and posting alerts on their websites, notifying credit card customers that they may qualify for special credit offers if they were impacted by the storm. And in certain cases, banks are being a little more lenient with their lending standards. In some cases the banks are offering increased credit limits even after the customer has recovered from the storm, such as Bank of America. These are likely to last only through the recovery process. Wells Fargo is offering personal loans to customers in FEMA-designated areas. The loans range from $3,000 – $25,000.
However, accepting the increased credit limit from your bank may not be your best option. If you have a high interest rate, it may be a better option to apply for a new credit card with a promotion for 0% interest for a certain period of time. If you’re leaning toward taking out a personal loan from Wells Fargo due to your home or car being destroyed, check with your insurance company first to see what is covered. Another organization that can help is FEMA. Oftentimes, FEMA temporarily covers rental payments for storm victims. Many nonprofits- like the American Red Cross- are also offering free assistance to storm victims, including meals, shelter and transportation.
To read more on this story visit: http://money.cnn.com/2012/11/02/pf/sandy-banking/index.html?iid=SF_PF_River
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.