WASHINGTON -- HUD is granting 90-day moratoriums on foreclosures throughout the Gulf Coast area in response to Hurricane Gustav.
"HUD is ready to support families in getting back on their feet as quickly as possible," HUD Secretary Steve Preston said in a written statement. "One way we can do that is call a time-out on foreclosures in these disaster areas and call on the rest of the mortgage lending community to follow suit. Families need a little breathing room to take stock of their losses as they begin the process of putting their lives back together."
The moratorium applies to counties declared disaster areas by the federal government. In addition, HUD has urged loan servicers who manage loans in the geographic area to waive late fees and to grant special forebearances and loan modifications.
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