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USFN Briefing Follow-up: REO/Eviction

Posted By USFN, Monday, June 17, 2019

by Camille R. Hawk, Esq.

Walentine O’Toole, LLP

USFN Member (IA, NE)

During April’s REO/Evictions USFN Briefing, the panel covered a number of topics, including: legislative updates from Connecticut, California, New Hampshire and Ohio; case law updates from Rhode Island, Ohio, Illinois and the U.S. Supreme Court; and industry issues such as FEMA protection in Nebraska and Iowa and gas explosions in Massachusetts. Panelist Camille Hawk gives an update on Nebraska and Iowa flooding and disaster issues below.

Post webinar downloads and a schedule up upcoming topics
may be found on the USFN Briefings webpage.

As you likely are aware, there were announced major disaster declarations for several counties in Nebraska and Iowa due to recent flooding in March 2019.  FEMA coordinated efforts to assist those impacted. 

 

Lenders started placing files on hold in March for a period of time (originally through June 19, 2019) in order to assist borrows in their recovery process.  Between March 2019 and June 2019, the recovery in the states has been slow and much damage continues to impact homeowners, their businesses, and farming operations.   Examples of the impact include entire herds of livestock being lost, delayed ability to plant crops, and the inability to plant crops this year due to the washing away of the soil.  Many roads and bridges are destroyed by the water, resulting in closed roads that needed to be rebuilt.  

 

The impact is further worsened in several counties by additional rain and flooding in May and early June, which may result in extended FEMA holds. It is expected that those impacted, particularly the farm communities, will take years to fully recover.  

 

The specific farming impact is expected to trickle down to other industries locally and nationally, causing yet further financial hardships for homeowners.  Grocery prices and transportation prices are expected to increase, and those increases will not be limited to the Midwest.  The flooding in these states, along with the flooding in other areas of the country, will compound the resulting issues.  The FEMA holds may come to an end soon, but the impact will continue with increased defaults and increased need for loss mitigation.  Circumstances will turn around, but it will just take time. 

 

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June e-Update

 

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