The effects of Hurricane Harvey in Texas and Louisiana was significant.
The industry expert, Black Knight Financial Services, predicts that the mortgage industry could see approximately 300,000 new delinquencies as a result of the storm.
There could also be another 160,000 borrowers who could become significantly past due in their mortgage payments. This equates to a half a million mortgages that are in jeopardy.
Thankfully Fannie Mae and Freddie Mac stated before the Hurricanes arrived that they were temporarily suspending foreclosures and evictions within these regions. According to Black Knight, there are approximately 1.18 million mortgage properties that lie within the FEMA designated disaster areas.
The US government is becoming very proactive when coming to the aid of and supporting those owners who hold mortgages in these affected zones.
Already House of Representatives and the US Department of Urban Development are looking to take actions to assist homeowners in these areas.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.