August 29, 2011
2011 has brought one of the worst summers on record for homeowners–hurricanes, floods, and other disasters have given FHA borrowers plenty to worry about when it comes to their property.
The FHA has a lot of resources that can help. Borrowers who need assistance in the wake of disasters can find a wealth of information, application forms and counseling online.
In federally-declared disaster areas such as the 2011 sites in Kentucky, New Hampshire, Wyoming and many others, the FHA has issued foreclosure moratoriums and other actions designed to help borrowers in need of mortgage relief. Call 1-888-297-8685 to find out what options may be available to you in your location.
The FHA offers rehab loans for those affected by disasters. The FHA 203(k) rehabilitation loan is available from FHA-approved lenders and can help qualified borrowers with the costs of restoring a property damaged in a storm or other disaster. Additionally, FHA offers additional help by providing funds to local agencies for disaster relief grants and/or loans. Check with your local government information websites or telephone centers for details on local disaster recovery programs.
One important area that’s easy to overlook in the disaster recovery effort? Taxes. If your home was damaged or destroyed by a natural disaster, you could be eligible for a tax break. The IRS calls this a tax deductible casualty loss, and there are specific rules you need to know before making a claim.
Ask your tax preparer for more information or contact the IRS directly to get more details.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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