Flood Victims Can Receive Mortgage Relief

Families whose homes have been hit  by floods in America are eligible for debt relief, but this is not common knowledge. If your home is facing foreclosure and you have recently been a victim of a federal disaster, you can receive assistance from the Making Home Affordable Program, launched by the Department of Housing and Urban Development. 

If you have been affected by flooding or particular other disasters and your home is facing foreclosure, you can receive reduced payments for up to 90 days. It is also a little-known fact that if you’re not under the threat of foreclosure but are still struggling to make your payments, then you can still receive relief. 

Mark Heinzman, a spokesman for Vesel Law Firm in St. Paul, Minnesota, offers the specifics. He states that homeowners could have their monthly mortgage payments cut by at least 75%. The relief aims to get them back on the right track financially, and applies to most types of mortgages.

“Take advantage of the program while it’s there,” says Heinzman. “Banks will never initiate it.”

Banks are also keeping the policy quiet. The Duluth News Tribune states that FEMA is not telling flood victims about the relief program. So, it is up to homeowners to make the first move and inquire with their mortgage provider about the program.