Some Long Islanders who are delinquent on their mortgages could get a little relief in the aftermath of Tropical Storm Irene.
Borrowers whose houses were damaged so much that they must be replaced or reconstructed will get a 90-day moratorium on foreclosure if their loans are insured by the Federal Housing Administration. Also, the agency won’t start foreclosure proceedings on borrowers who are 90 days late. The clock started Wednesday, when President Barack Obama declared the state a disaster area.
To qualify for the respite, borrowers must provide proof of damage, which can be insurance or inspection reports. The moratorium is among several federal initiatives that are triggered when the president declares an area a disaster zone.
It’s not clear how many Long Islanders might be affected. But out of 34,666 FHA mortgages on Long Island, 1,267 are in the foreclosure process and 2,678 of them are 90 days past due but not yet in foreclosure, an FHA spokesman said.
Photo: Water drains from a street in Northport during Tropical Storm Irene the last weekend of August.
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