Disasters hit multiple areas across Texas. Relief available, including a foreclosure moratorium for certain borrowers

Governor Abbott has declared a state of disaster in 106 Texas counites as a result of extreme storms and flooding since April 26. Texas Texas REALTORS® Disaster Relief Fund has been opened and is accepting applications currently for the Houston area, based on a request received from the Houston Association of REALTORS®. We are expecting to receive additional requests from local associations in affected areas of the state.

How does the Relief Fund work? Three conditions must be met for the Texas REALTORS® Leadership Team to open the fund:

1. The governor issues a disaster declaration for the county for which an application is filed.

2. The application evidences damage to residential property in that county.

3. The local board commits to serving as boots on the ground to get applications in the hands of property owners and renters affected by the disaster.

The Leadership Team then votes to activate the fund and designates:

1. the number of days for which the fund shall remain open,

2. the total amount of money that can be expended for the disaster, and

3. the maximum amount of award any one property owner/renter can receive.

Houston Area Disaster Relief

The Texas REALTORS® Disaster Relief Fund for Texans is now accepting applications from Texas residents whose primary residence has been damaged or who had to evacuate due to recent flooding in the Houston area. Applicants may be eligible for up to $1,000 in assistance if they meet certain criteria. Go to the Disaster Relief web page.

HUD Announces Disaster Assistance for Texas Survivors

The U.S. Department of Housing and Urban Development (HUD) announced federal disaster assistance for Texas after President Biden declared a major disaster in Harris, Liberty, Montgomery, Polk, San Jacinto, Trinity, and Walker counties.

Effective immediately, HUD is:

• Implementing a 90-day moratorium on foreclosures for FHA-insured mortgages and those guaranteed under the Section 184 Indian Home Loan Guarantee program.

• Automatically granting a 90-day extension for Home Equity Conversion Mortgages.

Homeowners affected by the disaster should contact their mortgage or loan servicer for assistance. Conventional mortgage holders may also be eligible for additional relief.

It is unclear at this time when or if the addition 99 counties on Governor Abbott's declaration will be added to the federal designation, a criteria for the HUD relief.