Posted on: 20th Oct, 2005 08:27 pm
We are victims of Hurricane Katrina. Our mortgage company wants us to give them the insurance money and let them foreclose on the house because my husband lost his job due to the storm..what are our options? We paid the insurance policy a year up front. we've only had the house for six months. Please help...
Hi Lynn Roberson
I really feel sad for you. And can very well understand your problem.
I think that you should remind your lender that when ever a region is designated as disaster area by the president, properties within that area cannot be foreclosed within 90 days of the disaster according to US department of housing and urban development.
This will also apply even if your home is not directly damaged, HUD official note that if you can show financial difficulties related to the disaster, such as job less, your mortgage is also covered under the foreclosure delay.
Hope this information will help you out.
God Bless You.
Thanks,
Samantha
I really feel sad for you. And can very well understand your problem.
I think that you should remind your lender that when ever a region is designated as disaster area by the president, properties within that area cannot be foreclosed within 90 days of the disaster according to US department of housing and urban development.
This will also apply even if your home is not directly damaged, HUD official note that if you can show financial difficulties related to the disaster, such as job less, your mortgage is also covered under the foreclosure delay.
Hope this information will help you out.
God Bless You.
Thanks,
Samantha