How To Recover From Hurricane Sandy With HUD Homes

In the wake of the devastation wrought by Hurricane Sandy, the federal government is offering stated that were affected to declare a moratorium of 90 days on foreclosures, however, the state of Connecticut has declined this assistance.

Commissioner of the state’s Department of Banking assures the feds that they do not need this moratorium because the major banks are doing their part in the area of disaster relief by working with residents affected by this enormously disturbing event. Owners of HUD homes that were damaged or destroyed should be relieved to hear this good news.

With many of the HUD foreclosures also damaged by the storm, HUD homes for sale are likely to be available at extremely low prices over the coming months.

HUD has also reported that they are going to offer forbearance on Federal Housing Administration-insured mortgages that have been in foreclosure, as well as making available FHA mortgage insurance available to those who wish to rebuild or purchase new homes after losing theirs during Sandy.

It is also recommended that those individuals who need assistance after losing their homes or incurring devastating damages should contact their mortgage lender to determine the options they have.

It is very likely that HUD will have increased numbers of homes to sell in the aftermath of this storm. HUD homes for sale offer the opportunity for home buyers to take advantage of some pretty hefty discounts as this area of the nation recovers from Sandy. As a matter of fact, HUD already had an inventory of vacant homes and foreclosures on its books prior to this incident.

To learn more about HUD homes, visit RealtyStore to get more information on HUD homes for sale. The Guide To Buy HUD Homes found there will help you learn how to buy your own HUD home.