Although we aren’t hearing minute by minute coverage of Hurricane Sandy now that it is two weeks past, we are definitely feeling it within the mortgage industry.
Initial estimates have been reported near $20 billion in damages. From displaced homeowners to damaged commercial structures, the East Coast will be rebuilding for a while. This horrific storm will also impact our entire economy. Including the already reduced mortgage loan applications noted by the Mortgage Bankers Association. This was a direct result of Hurricane Sandy.
Residents of New Jersey, New York, Rhode Island and Connecticut have already been promised help from HUD. They are offering those affected 100 percent FHA financing and a 90 day foreclosure moratorium for FHA borrowers who had been facing foreclosure. We can expect the struggle to last for the next year.