Sen. Rubio, Colleagues Urge Federal Agencies to Extend Foreclosure Forbearance to Hurricane Maria Victims
The full text of the letter is below:
Dear Secretary Carson,
As you know, in September of this year a devastating hurricane swept through the
We greatly appreciate that HUD,
Therefore, we ask that you extend the foreclosure moratorium for an additional twelve (12) months and provide additional relief to affected homeowners. This relief should include more expansive options to keep families in their homes. For example:
* During the moratorium period, no mortgage payment should come due and no additional interest charges should accrue. At the end of the moratorium, the term of the loan should be extended by the duration of the forbearance period to allow homeowners to repay the mortgage principle and interest that was unpaid under the moratorium;
* Giving homeowners twelve (12) months to repay any outstanding escrow balances that accrued during the moratorium;
* Waiving any late fees associated with missed mortgage payments;
* Suspending negative reports to credit bureaus associated with late or missed payments;
* Expediting insurance payments to homeowners and loosening or waiving requirements for insurance payouts where appropriate; and
* Advising mortgage servicers that written communications with homeowners, including court documents related to foreclosure proceedings, include copies that have been translated into Spanish.
People in
Sincerely,
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