Help Is Available.
If you are a homeowner or business owner in Florida and have difficulties stemming from Hurricane Irma, there is help available to you from the Natural Disaster Emergency Mortgage Relief Act of 2011 and other Federal Resources.
Since the entire state of Florida has been declared to be in a state of emergency, residents and business owners are available to receive help in making payments on things like mortgages and car loans, or to get financing to help repair, rebuild, and compensate for losses.
For homeowners, the type of assistance you get will be determined by two primary factors: the type of loan and the lender. For FHA borrowers, HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure. Assistance may include:
- A 90 day moratorium during which your loan may not be sent to foreclosure,
- An evaluation to see if you are eligible for any loan modification.
- A forbearance plan,
- A deed-in-lieu of foreclosure.
SBA (Small Business Administration) has within it the Office of Disaster Assistance, who’s mission is to provide low interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace real estate, personal property, machinery & equipment, inventory and business assets that have been damaged or destroyed in a declared disaster. As a business owner in a declared disaster area, you may be eligible for an SBA Economic Injury Disaster Loan (EIDL). The interest rate on EIDLs will not exceed 4 percent per annum with a term up to 30 years. This particular loan is the default loan for those businesses that cannot qualify for a regular SBA loan. We recommend you reach out to your local business banker at your bank, or reach out to the SBA directly. You can also apply for an EIDL here.
Also, there are grants available through FEMA to help provide money or direct assistance to individuals, families and businesses in an area whose property has been damaged or destroyed and whose losses are not covered by insurance, free legal assistance, unemployment benefits and re-employment services, and even supplemental funding to States for short-term crisis counseling services. For help with getting assistance, look here.
For more information regarding these topics, feel free to contact us at our office at Delta Credit Restoration, at 813-567-5855, or request a call here.
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