Disaster Relief for Midwest States
If you are living in Wisconsin, Iowa or Illinois and you have been hit by the recent tornadoes, severe thunderstorms and the massive flooding you may be able to receive aid from the US Dept. of Housing and Urban Development (HUD).
Steve Preston, HUD's Secretary, announced that HUD is expediting assistance to many homeowners in selected counties in Wisconsin, Iowa and Illinois. This aid includes foreclosure protection for families whose homes are insured through HUD's Federal Housing Administration. "These storms, and the flooding they produced, are tearing people's lives apart and we must offer substantive relief to these families," said Preston. "To speed this recovery, we're calling for a 'foreclosure time-out' to offer FHA-insured families a little breathing room as they confront the rebuilding process."
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The following are the counties that HUD will be offering help to:
Iowa: Adams, Benton, Black Hawk, Bremer, Buchanan, Butler, Cerro Gordo, Delaware, Fayette, Floyd, Hardin, Johnson, Linn, Marion, Page, Story, Tama and Union counties.
Indiana: Bartholomew, Boone, Brown, Clay, Daviess, Dearborn, Decatur, Franklin, Greene, Henry, Hamilton, Hancock, Jackson, Jefferson, Jennings, Johnson, Lawrence, Madison, Marion, Monroe, Morgan, Ohio, Owen, Parke, Putnam, Randolph, Ripley, Rush, Shelby, Sullivan, Union, Vermillion, Vigo and Wayne Counties.
Wisconsin: Crawford, Columbia, Milwaukee, Racine, Richland, Sauk, and Vernon Counties.
More counties will be added according to how the disasters develop. Immediate foreclosure relief will be offered to residents in the above counties who are FHA-insured. For these counties HUD granted a 90 day moratorium on FHA foreclosures and recommended that loan companies take similar action including:
- Loan modification to fit the needs of the residents
- Refinancing
- Special forbearance
- Waive late charges due to the recent disasters
Because these recent developments were declared natural disasters by the president, a variety of federal assistance programs have developed including:
- Grants for temporary housing and home repairs
- Low-cost loans to cover uninsured property losses
- And many more programs to help individuals, families and businesses recoup from these disasters. To find out about these you can visit HUD's site.
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