As life slowly returns to normal in hurricane-ravaged parts of Texas, Florida and Puerto Rico, housing experts and consumer advocates worry another crisis is on the horizon: Foreclosures.
News Story (NATIONAL)
November 10, 2017
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Tags: Disaster Recovery, Housing: Foreclosure
Organizations mentioned/involved: Lone Star Legal Aid, National Consumer Law Center (NCLC)
Already, legal aid groups are working with people who are struggling to make mortgage payments on homes made uninhabitable by the storms, while paying rent somewhere else.
Although most mortgage lenders are offering grace periods for homeowners in disaster zones, the real trouble begins when those grace periods run out.
“I’m anticipating a wave of problems coming in February,” said Amir Befroui, a foreclosure specialist for Lone Star Legal Aid based in Houston. “It’s going to get worse before it gets better. We’re in the calm before the storm.”