Mortgage relief rolls out in flood-hit Texas

The Department of Housing and Urban Development will make mortgage relief measures available in the wake of the Central Texas flooding disaster, joining others in the home lending community offering aid to hard-hit communities. 

With President Trump issuing a disaster declaration for Kerr County, Texas, over the weekend, a 90-day foreclosure moratorium on properties backed by Federal Housing Administration mortgages took effect immediately. Servicers are prohibited from taking foreclosure action on all units with associated single-family FHA-guaranteed loans, including Home Equity Conversion Mortgages.

The department, which oversees the FHA-lending program, estimates more than 900 of its borrowers lie in the designated disaster area. 

“The flash floods have claimed the lives of more…