Mortgage

HUD Relieves Texans of Foreclosures After Storm

Texas residents and businesses have an additional two months to file and pay their federal taxes, and Texans will also receive housing-related assistance following severe winter storms this month that left millions without electricity or running water.

The US Department of Housing and Urban Development announced a 90-day moratorium on Federal Housing Administration (FHA) mortgage foreclosures. The HUD said it will extend mortgage insurance to homeowners whose property has been destroyed. Mortgage insurance extension can be used to buy a new home or renovate a damaged one.

The Internal Revenue Service said Monday that Texans have until June 15 to file federal returns and pay taxes owed, using its authority to delay deadlines for disaster victims. All tax forms due by June 15 will be postponed until the new date.

Winter storms and record-breaking freezing temperatures hit almost all of Texas earlier this month. Millions lost electricity and then water when the pipes froze and the water pressure dropped. Electricity resumed late last week and over the weekend, even though millions still lack clean drinking water.

Related Articles