HUD announced in December that it will pay the mortgages of some of the Gulf Coast hurricanes’ victims for up to 12 months, as those homeowners return to repair their homes and find jobs. Eligible borrowers must own homes insured by the FHA that are repairable and located in a presidentially declared disaster area designated for individual assistance. The homeowners must also have access to insurance or other funds that will enable them to pay for the necessary repairs. HUD estimates as many as 20,000 homeowners may qualify, the cost of which could run as high as $200 million.
