On Feb. 12, 2018, NAR President Elizabeth Mendenhall sent a letter to the Department of Housing and Urban Development (HUD) Secretary Ben Carson asking for an extension of the Federal Housing Administration (FHA) foreclosure moratoriums for the Presidentially-Declared Major Disaster Areas associated with Hurricanes Harvey, Irma, and Maria. The foreclosure moratoriums are set to expire on February 19, March 9, and March 19, 2018, respectively.
FHA borrowers in Puerto Rico, the U.S. Virgin Islands, and parts of Florida and Texas, continue to face the immense task of rebuilding not only their homes, but their lives, in the wake of the devastating Hurricanes. Delinquency rates continue to be high in these areas, as many FHA borrowers are unable to return to work in their communities given the destroyed infrastructure. Continuing the foreclosure moratoriums would ensure that FHA's financial soundness would not be compromised due to a rush of Hurricane related foreclosures, nor would the communities trying to rebuild be further harmed.