In response to the recent tragedy in California, HUD has taken action to help out not only current FHA borrowers, but others as well. SignOnSanDiego.com reports on the help to FHA borrowers:

Because homeowners with destroyed or uninhabitable houses may find it difficult in the next few months to continue making mortgage payments, the Department of Housing and Urban Development has imposed a 90-day moratorium on some types of foreclosures.

The moratorium applies to the initiation of foreclosures and those already in process, but will affect only FHA-insured mortgages. Housing officials acknowledge that such loans represent only 3 percent of the national mortgage market.

HUD will also be making sure that future borrowers are aware of their FHA options when rebuidling or buying a new home.

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