HUD offers foreclosure relief to Texans saddled by floods
Photo by Kelly Sikkema
According to HousingWire, the U.S. Department of Housing and Urban Development (HUD) has taken decisive action to provide relief for homeowners in Texas impacted by recent natural disasters. On Tuesday, HUD announced an immediate 90-day moratorium on foreclosures for single-family homes with mortgages insured by the Federal Housing Administration (FHA). This measure applies specifically to Kerr County, Texas, which has been declared a major disaster area following severe storms and flooding.
This foreclosure ban provides a critical window of stability for affected residents. For the next 90 days, mortgage servicers are prohibited from either starting new foreclosure proceedings or finalizing existing ones on FHA-insured properties in the designated disaster zone. The relief covers both standard forward mortgages and Home Equity Conversion Mortgages (HECM), also known as reverse mortgages, ensuring broad protection for homeowners struggling to recover from the damage.
The move by HUD underscores a key federal response mechanism for natural disasters, aiming to prevent displacement and give families the breathing room needed to manage repairs and recovery without the immediate threat of losing their homes. Homeowners in Kerr County with FHA-insured loans are encouraged to contact their mortgage servicers to understand how this moratorium applies to their specific situation and to discuss any further relief options that may be available.
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Fintech Founder at My Home Pathway. VC Backed Startup. Financial Inclusion Leader and Speaker.
Risk and project management professional with experience in Federal Reserve banking regulations, risk management policies as well as risk management advisory services. Critical skills include credit risk analysis, capital markets, strategic planning, current state assessments and target operating models. Ability to assess evolving regulatory guidelines and potential impact on financial services organizations operationally and strategically.
Mr. Johnson received his Bachelor of Science in Management and International Business from Penn State University where he was a Bunton Waller Scholar and Division 1 athlete and his MBA in Finance and Accounting from New York University.
