HUD secretary to announce foreclosure relief extension for families affected by Los Angeles County wildfires
Following the deadly wildfires across Los Angeles County that destroyed thousands of homes, the U.S. Department of Housing and Urban Development announced a 90-day extension of its foreclosure moratorium for affected families.
HUD Secretary Scott Turner will be making the announcement Thursday while touring the Altadena fire zone with Fifth District of Los Angeles Supervisor Kathryn Barger.
The 90-day extension will apply to Federal Housing Administration-insured single-family mortgages.
Turner's office reports there are over 100,000 FHA-insured mortgages in Los Angeles County in the Presidentially Declared Major Disaster Area.
"It is heartbreaking to witness the devastation caused by the horrific wildfires in Altadena and the surrounding areas of Los Angeles County and the heavy toll of this tragedy on individuals, families and communities," Turner said. "Empowering and supporting our neighbors so they can build or rebuild their future, including when disaster strikes, is a core part of HUD's mission and we will continue providing help during hardship."
HUD will be working with different mortgage servicers to assess the extent of properties with FHA-insured mortgages in the affected areas that have been destroyed or damaged.
The moratorium will prohibit mortgage servicers from initiating or completing a foreclosure on an FHA-insured single-family or Home Equity Conversion mortgages through July 7.
The moratorium was originally set to expire on April 8.
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