HUD issues relief on foreclosures for Texans after storm

Texas residents and businesses have two extra months to file and pay their federal taxes, and Texans will also get some housing-related assistance after severe winter storms this month left millions without power and running water.

The U.S. Department of Housing and Urban Development announced a 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured home mortgages. The HUD said that it will extend mortgage insurance to homeowners whose properties have been destroyed. The mortgage insurance expansion can be used to purchase a new home or renovate a damaged one.

The Internal Revenue Service also said on Monday that Texans have until June 15 to file federal returns and pay any taxes owed, tapping its authority to delay deadlines for disaster victims. Any tax forms due in the lead up to the June 15 deadline will be delayed until the new deadline.

Winter storms and record-breaking freezing temperatures hit nearly the entirety of Texas earlier this month. Millions lost power, and then water, as pipes froze and water pressure dropped. Power began resuming late last week and over the weekend, though millions are still without safe drinking water.

Source: nationalmortgagenews.com