As details of the devastation from Hurricane Sandy emerge, steps are being taken by the federal government to provide assistance to the areas impacted by the destructive storm. Included in the assistance is help for distressed borrowers.
On Friday, CoreLogic warned that 261,000 residential properties were in the hurricane’s path. The value of those properties was estimated at more than $80 billion. Properties valued at more than $35 million were in New York, while more than $22 million were in New Jersey and in excess of $11 million were in Virginia.
On Saturday, CoreLogic raised the number of at-risk properties to 284,000. The aggregate value was raise to $87 billion.
As the deadly storm made landfall in New Jersey on Monday night, millions of people were left without power, public transportation was halted in many areas and more than 15,000 flights were canceled. Many streets throughout the Northeast wound up underwater.
“Make no mistake about it, this was a devastating storm, maybe the worst that we have ever experienced,” New York City Mayor Michael Bloomberg said in a statement.
President Obama has approved major disaster declarations for New York and New Jersey.
The death toll from Sandy is now more than a hundred people — including over 30 in the United States.
Bloomberg added, “Sadly, this storm claimed the lives of people throughout the region, including at least 10 in our city,– and tragically we expect that number to go up as information continues to come in.”
Among 23 serious fires in New York from the storm was one where at least 80 New York homes were destroyed early Tuesday, including the home of U.S. Rep. Bob Turner (R-N.Y.)
“My thoughts and prayers are with all of my fellow New Yorkers and the many others who are experiencing loss as a result of Hurricane Sandy,” Turner said in a Facebook posting. “Last night’s storm showed once again that the professionalism and bravery of our first responders is second to none.”
The Federal Emergency Management Agency reported that more than 1,500 FEMA personnel are positioned along the East Coast working to support disaster preparedness and response operations.
Freddie Mac issued a statement indicating that it has authorized servicers to provide a full range of mortgage relief options to affected borrowers with mortgages it owns or guarantees.
The relief includes suspending foreclosure and eviction proceedings for up to 12 months; waiving assessments of penalties or late fees against borrowers with disaster-damaged homes; and not reporting forbearance or delinquencies caused by the disaster to credit bureaus.
“Freddie Mac’s full menu of relief policies for borrowers affected by disaster is being extended to homeowners whose homes were damaged or destroyed by Hurricane Sandy and are located in jurisdictions that the president has declared to be major disaster areas and where he has made federal individual assistance programs available to affected individuals and households,” the McLean, Va.-based company stated.
