Tennesseans homeowners have enough to worry about with the flooding, but the U.S. Department of Housing and Urban Development has stopped worries that victims would drown in the resulting debt. HUD Secretary Shaun Donovan directed lenders to put a 90-day moratorium on foreclosures in flood-ravaged areas.
The Tennessean reports:
“It is simply wrong for a family struck by natural disaster to be victimized again by a foreclosure because they can’t make their payments,” Donovan said at a news conference Monday after he and U.S Commerce Secretary Gary Locke took a walking tour of several downtown businesses affected by the flood. Nashville Mayor Karl Dean and U.S. Rep. Jim Cooper accompanied the cabinet secretaries.
Locke said so far 18,000 people have registered with the Federal Emergency Management Agency for disaster assistance. He said as of Monday morning, the agency has conducted 4,800 inspections and approved $29 million in assistance.
Hopefully the 90 days will let flood sufferers recover and get back on track with their payments to avoid losing their homes.
More than $28 million in disaster assistance approved [The Tennessean]