Disaster Information & Updates
Use the following shortcuts to access information on recent disasters, and their affect on our industry:
Government Agency & GSE
Resources re 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
> 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 2013-7 (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 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 2012-19 (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/
> Relief to Borrowers Affected by the
Florida Tornados of February 2, 2007 (See Letter dated
> 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)