After a disaster your insurance may be used by your lender to pay off your mortgage forcible or compulsory.

image

By Murray Wennerlund published 5-18-2022 updated 5-29-2022

Tag: ForcedMortgagePayoff

How to navigate a Forced Mortgage Payoff by your mortgage lender. When your insurance payout is taken by your lender to payoff your mortgage it's to protect the lender from default, property change of ownership.

III.G.2. Prohibition on forced mortgage payoff.

A forced mortgage payoff occurs when homeowners with an outstanding mortgage balance are required, under the terms of their loan agreement, to repay the balance of the mortgage loan before using assistance to rehabilitate or reconstruct their homes. CDBG-DR funds, however, shall not be used for a forced mortgage payoff. The ineligibility of a forced mortgage payoff with CDBG-DR funds does not affect HUD's longstanding guidance that when other non-CDBG disaster assistance is taken by lenders for a forced mortgage payoff, those funds are not considered to be available to the homeowner and do not constitute a duplication of benefits for the purpose of housing rehabilitation or reconstruction.

Research Resources: 



Comment | Suggestion | Feedback

Share on Facebook
Share on Twitter
Share on LinkedIn
Share on Pinterest
Share on Reddit
TruckAndTools.Com News

How to write an appeal to have HUD CDBG-DR grants reimburse NFIP insurance funds used to payoff home mortgage.

How to write an appeal for CDBG-DR reimbursement to cover NFIP insurance funds used by mortgage lenders to payoff mortgage after a disaster left your home substantially damaged. Mortgage lenders will protect their interest with your insurance payment.

by Murray Wennerlund published 5-26-2022 11 seconds read

Continue Reading


After a disaster your insurance may be used by your lender to pay off your mortgage forcible or compulsory.

How to navigate a Forced Mortgage Payoff by your mortgage lender. When your insurance payout is taken by your lender to payoff your mortgage it's to protect the lender from default, property change of ownership.

by Murray Wennerlund published 5-18-2022 updated 5-29-2022 10 seconds read

Continue Reading


Mortgage Relief Program for Homeowners Impacted by COVID-19

Homeowner Mortgage Assistance, a U.S. Taxpayer funded program designed to assist individuals and families impacted financially by the COVID-19 pandemic that are at risk of mortgage loan default and have a federally secured mortgage.

by Murray Wennerlund published 1-13-2022 updated 1-14-2022 10 min. 32 seconds read

Continue Reading


Low Income Small Business owners with real property and unmet needs can use HUD Economic Revitalization grants

Small Businesses that own real property, are low income, filed a disaster claim with FEMA, filed an application with SBA that was denied could be eligible for HUD CDBG-DR grants managed by your state agency for Unmet Economic Revitalization Needs.

by Murray Wennerlund published 12-20-2021 updated 12-22-2021 2 min. 5 seconds read

Continue Reading


HUD CDBG-DR Grants funded by Public Law 117-43 from the 117 Congress

Federal Taxpayer funded disaster recovery grant funds have been allocated to major and severe disasters declared in 2020 and 2021. H.R.5305 - Extending Government Funding and Delivering Emergency Assistance Act is allocating

by Murray Wennerlund published 10-31-2021 updated 11-6-2021 3 min. 22 seconds read

Continue Reading


Homeowner Assistance Fund Program that applies to ALL States and US Territories.

Mortgage Assistance will be managed by the same departments as the current Rental assistance. Expect the same results, slow disbursements and eligibility requirements that may not offer any financial assistance or funding coverage.

by Murray Wennerlund published 8-9-2021 2 min. 12 seconds read

Continue Reading


Eligible Homeowners to receive financial assistance from state managed federally funded programs.

Financial hardship means a material reduction in income or material increase in living expenses associated with any federally declared disaster and in this article we will use the coronavirus pandemic as our current federally declared disaster.

by Murray Wennerlund published 8-9-2021 updated 8-10-2021 13 min. 22 seconds read

Continue Reading


HUD Area Median Income Tables

U.S. Department of Housing and Urban Development HUD Area Median Income Tables

by Murray Wennerlund published 8-3-2021 2 min. 58 seconds read

Continue Reading


HUD CDBG-DR Base Flood Elevation (BFE), two (2) feet above the Advisory Base Flood Elevation (ABFE)

When you work with your municipality and they say your elevation has to be Base Flood Elevation BFE they are quoting FEMA policy. FEMA offers a 25/75 cost share for elevation. Your municipality has to tell you BFE plus 2 feet to use other federal funds.

by Murray Wennerlund published 5-13-2021 updated 1-10-2022 1 min. 43 seconds read

Continue Reading


American Rescue Plan Act of 2021 SEC. 3201. EMERGENCY RENTAL ASSISTANCE.

I have clipped the sections of rental assistance that will match your states housing assistance agencies. Your state will have a HUD program which will process your claim. If you were unemployed for the year 2020 you will qualify in nearly all cases.

by Murray Wennerlund published 3-28-2021 updated 1-11-2022 2 min. 3 seconds read

Continue Reading