Disaster Information & Updates -- last updated 12/5/13
Use the following shortcuts to access information on recent disasters, and their affect on our industry:
Government Agency & GSE
Resources re November 2013 Midwest
tornadoes, September 2013 Colorado floods, June
2013 Colorado Springs fire, May 2013 Oklahoma storms and
tornados, 2012 Hurricane Sandy, historical info re
Hurricanes Katrina and Rita, the 2010 Gulf
Oil Crisis, 2011 Hurricane
Irene, the 2011 Flooded and Tornado-Stricken Areas, and 2012
DisasterAssistance.gov provides access to disaster help and resources.
OCC, FDIC, NCUA, Board of Governors of the Federal Reserve System -- Agencies issue Supplemental Statement on Supervisory Practices Regarding Financial Institutions and Borrowers Affected by Hurricane Sandy (11/14/12)
Major Disastor Declaration declared 8/29/12 re Hurricane Isaac
Mississippi Development Authority
> Announcement SVC-2013-16 (8/7/13) -- Updates to Assistance in Disasters
> Lender Letter LL-2013-03 (2/22/13) -- Updates to Insurance Claim Settlements
> Lender Letter LL-2013-02 (1/31/13) -- Extension of Foreclosure and Eviction Moratorium related to Hurricane Sandy
> Lender Letter LL-2012-12 (12/20/12) -- Mortgage Loans Impacted by Hurricane Sandy
> Lender Letter LL-2012-09 (11/13/12) -- Additional Flexibilites for Mortgage Loans Impacted by Hurricane Sandy
> Servicing Notice re Hurricane Sandy (10/31/12)
> News Release re Relief for Homeowners Affected by the Gulf Oil Spill (6/16/10)
> News Release re California wildfires (dated 10/25/07)
> FAQ's for Bulletins 2013-1, 2012-29, and 2012-26
>Bulletin 2013-15 (8/15/13) -- provides special requirements for borrowers impacted by an eligible disaster, including the new capitalization and extension modification for disaster relief.
>Bulletin 2013-10 (6/14/13) -- announces Hurricane Sandy Exterior Property Inspection Reimbursement Template, must be submitted by 9/16/13 for reimbursement
> Bulletin 2013-7 (5/13/13) -- includes "Updates to the Streamlined Modification Effective Date to Assist Borrowers Impacted by Hurricane Sandy
> Bulletin 2013-4 (2/22/13) -- Temporary Property Insurance Claim Requirements for Properties Affected by Hurricane Sandy
> Bulletin 2013-1 (1/31/13) -- Foreclosure Sale and Eviction Closeout Moratorium Extension Related to Hurricane Sandy
> Bulletin 2012-29 (12/18/12) -- Special Servicing Requirements Related to Hurricane Sandy
> Bulletin 2012-26 (11/13/12) -- Servicing Requirements Related to Properties Affected by Hurricane Sandy and Other Disaster-Related Requirements
> News Release re Relief for Gulf Coast Borrowers Affected by Oil Spill (6/17/10)
> For information on Freddie Mac's disaster relief policies, see the Single-Family Seller/Servicer Guide, Ch. 68, "Servicing Mortgages Impacted by a Disaster." Freddie Mac's disaster relief solutions include: short-term suspension of collection, foreclosure, and eviction proceedings for up to 12 months from the date a disaster strikes; not assessing late charges or reporting to credit repositories for borrowers on forbearance or repayment plans; and monitoring and coordinating the insurance claim process. If servicers have a unique situation that warrants special relief consideration, they should contact (800) FREDDIE or their Freddie Mac Servicing Representative.
NOTE: ALL OF HUD'S MORTGAGEE LETTERS CAN BE FOUND here.
> HUD -- Press Release -- HUD No. 13-153 (10/28/13): HUD Announces Additional $5 Billion in Recovery Funds for Communities Impacted by Hurricane Sandy
> HUD Mortgagee Letter 2013-11 (4/12/13): Additional Guidance for the Origination and Servicing of FHA-Insured Loans in Presidentially-Declared Major Disaster Areas and Specific Requirement for Hurricane Sandy Affected Communities.
> FHA Mortgagee
Letter 2013-06 (1/31/13): Extension of Disaster Moratorium &
Suspension of Evictions for Specified Properties Impacted by Hurricane
Sandy, plus HUD & FHFA Announce Extended Relief to Borrowers
Affected by Hurricane Sandy (1/31/13)
>HUD Mortgagee Letter 2012-28 (12/11/12) is a Restatement and Update of Flood Zone Requirements for FHA Insured Housing
> HUD Mortgagee Letter 2012-23 (11/16/12) provides Guidance for FHA-Approved Mortgagees Originating and Servicing Mortgages in Presidentially-Declared Major Disaster Areas
> HUD Mortgagee Letter 2012-19 (9/20/12) is a Hazard and Flood Insurance Requirement Reminder. All of HUD's Mortgagee Letters can be found here.
> HUD Announces Disaster Assistance for Rhode
Island Storm Victims -- Foreclosure protection offered in four counties
REMINDER FROM HUD (5/10/11)
-- to FHA servicers on Disaster
HUD Guidance to Mortgagees Working With FHA Borrowers Who are Disaster Victims:
Mortgagees are reminded that pursuant to Mortgagee Letter 2001-07, a 90-day moratorium on foreclosures is automatically imposed on FHA-insured properties in Presidentially Declared Disaster Areas. The effective date of the moratorium is the declaration date and the mortgagee must contact the Federal Emergency Management Agency (FEMA) to obtain a list of specific counties and their corresponding declaration dates. This information can be found at: http://www.fema.gov/news/disasters.fema or by calling a local FEMA office. Additional information on Presidentially Declared Disaster Areas is found in Chapter 14 of HUD Handbook 4330.1, Rev-5, Administration of Insured Home Mortgages, restated most recently in Mortgagee Letter 05-33.
Mortgagees must also offer the FHA Type 1 Special Forbearance to eligible borrowers. FHA Type 1 Special Forbearance provides relief to borrowers by suspending or reducing their mortgage payments for a period sufficient to allow them to recover from the cause of default. Late fees are not to be assessed while the borrower is making timely payments. Mortgagee Letter 2002-17 details the criteria for using FHA’s Type1 Special Forbearance. If a borrower does not qualify for a special forbearance, the mortgagee should review the borrower’s loan for the most appropriate loss mitigation tool, including but not limited to, a loan modification, partial claim, or FHA’s Making Home Affordable Modification Program (FHA-HAMP). Any questions or clarifications regarding this guidance should be directed to HUD’s National Servicing Center at: 877-622-8525.
Read HUD Handbook 4330.1, Rev-5, “Administration of Insured Home Mortgages” on-line at: http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh/4330.1
All FHA Mortgagee Letters can be found on-line at: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
> News Release (12/18/13) USDA Brings Additional Relief to Landowners Affected by Hurricane Sandy Second Round of Conservation Easement Applications to be Accepted in 2014
> Relief to Borrowers Affected by the
Florida Tornados of February 2, 2007 (See Letter dated
>Circular 26-13-26 (12/3/13) Special Relief Following the Midwest Tornadoes
>Circular 26-13-16 (9/19/13) Special Relief Following Flooding in Colorado
>Circular 26-13-11 (6/17/13) Special Relief Following the Colorado Springs Fire
> Circular 26-13-3 (2/5/13) Continued Forbearance due to Hurricane Sandy
> Circular 26-12-10 (11/1/12) Special Relief Following Hurricane Sandy
> Circular 26-12-9 (11/9/12) See subsection (g) re Assistance to Veterans Affected by Natural Disasters.
> VA Announcement (5/26/11) Disaster Assistance after Tornado Outbreaks: Help Available for Veterans in Joplin, MO
> Circular 26-11-6 (5/4/11) Additional Relief Following Tornado Outbreaks
> Circular 26-10-8 (6/23/10) Relief for Veteran Homeowners affected by the Gulf Oil Crisis
about disaster areas can be found at the FEMA website: www.fema.gov.
New Jersey (11/2/12)
New York (11/1/12)
Rhode Island (10/30/12)
Katrina Resources Relevant to the Industry
USFN Articles/ Other Articles
> Hurricane Sandy Impact Lessons Learned from Hurricane Katrina (Spring '13 USFN Report)
> Close-up View of Hurricane
Katrina: the Impact on Mississippi Foreclosures (Winter
'06 USFN Report)
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