FHA to pay mortgages for a year

[HeeBGBz]

http://www.sunherald.com/mld/sunherald/13329939.htm



To be eligible, borrowers must:

• Have an FHA-insured first mortgage on their primary residence.

• Live or be employed full time in those counties or parishes of the five states declared eligible for individual assistance as a result of one of the three hurricanes.

• Be able to show they are temporarily unable to pay their monthly mortgage as a result of increased living expenses, hurricane damage to their property or loss of income like temporary unemployment.

• Expect to be able to resume full mortgage payments within 12 months.

• Have missed at least four but not more than 12 payments on their FHA-insured mortgage.

The money cannot be used for repairs, but HUD has other programs that provide loans for disaster-related repairs.

Interested homeowners should contact their lenders, who will determine if they meet eligibility requirements, or call HUD's national servicing center at 1-888-297-8685.

[Up2Late]

1. Great info, thanks! Here's a NPR story from today on the subject

Mortgage Grace Period Ends for Katrina Victims

Listen to this story...(at link above)
by Adam Davidson

Morning Edition, December 6, 2005 · Tens of thousands of homeowners in the Gulf Coast are likely to default on their mortgage payments this month. A 90-day grace period just ended for many in Louisiana who owe money on their houses.

<http://www.npr.org/templates/story/story.php?storyId=5040456>