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Jennifer Emerling / There Is More Work To Be Done
Jennifer Emerling / There Is More Work To Be Done
This announcement outlines relief measures loan holders and loan servicers should implement to assist USDA Rural Development Section 502 Single Family Housing Guaranteed Loan Program (SFHGLP) borrowers affected by Hurricane Harvey. Homeowners impacted by the hurricane may be eligible for temporary relief and the determination of eligibility may require a property inspection. Due to the magnitude and aftermath of the hurricane, loan servicers must inspect properties that secure SFHGLP loans to ascertain the extent of damage and the occupancy status, particularly if contact has not yet been made with the borrower.
Loan servicers seeking to assist SFHGLP borrowers may pursue any of the relief options referenced in the following USDA guidance. Complete details outlining “Assistance in Natural Disasters” is located in Chapter 18, Section 4, 7 CFR 3555.307 of the SFHGLP Handbook. An electronic version of the Handbook can be found at: https://www.rd.usda.gov/files/hb-1-3555.pdf.
For questions, please contact the USDA Rural Development Customer Service Center by calling (866) 550-5887 or the National Office at (202) 720-1452. Homeowners with 502 guarantee loans should contact their bank.