Nothing sucks more than getting kicked out of your own home because you haven’t been able to pay your mortgage. But what’s worse is you get thrown out just after you spent time, money, and effort rebuilding it after being ruined by a storm.
It’s like being hit by a double whammy. First, a recent disaster destroys your home and you have no choice but to spend some serious cash, even if it empties out your pockets, because you have no choice but to rebuild your home. Then, you suddenly remember that you have to pay for mortgage in just a few days, and you’ve got no money left!
What will you do? This is, perhaps, what most storm victims are going through. The burden of rebuilding shelter after a terrible storm can take a toll on families financially. Worse, those who cannot pay their mortgages may face home foreclosure.
Because of the recent calamities that hit the country, a lot of people are suffering because they have no homes as a result of either the storms or foreclosure.
The US government is now taking steps to ensure that it takes care of the people hit hard by the storms. Through the U.S. Housing and Urban Development (HUD), it has introduced housing assistance measures for those living in affected areas. Among these are:
• Foreclosure relief to residents in certain areas in Indiana, Iowa, and Wisconsin, wherein they are granted a 90-day moratorium from foreclosures. This is to give them more time to get back on their feet after the calamities.
• The Internal Revenue Service has given out an extension for payments of quarterly estimated tax payments. This covers ten states: Arkansas, Colorado, Georgia, Indiana, Iowa, Maine, Mississippi, Missouri, Oklahoma, and Wisconsin.
• Federal resources were also made available for re-allocation for disaster relief, which will greatly help in funding rehabilitation, a process that can cost a lot depending on the extent of storm damages.
• FHA insurance available for to people who are planning to rebuild or buy another home.
• Together with the State, the local government will be backing loans to be used in rebuilding homes and repairing public infrastructure.
It’s a relief to know that the government recognizes the need to assist the storm victims as much as possible. Somehow it alleviates the pain of having gone through a terrible ordeal that nature brought upon us. It makes us feel safe enough to know that the state is there to extend its help whenever the nation needs it.
Through these efforts, more Americans will have fewer troubles in keeping their homes.
