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A New Beginning After a Flood
Kevin and Nancy Miller's house was destroyed in this flood. The Miller's home did not qualify for FEMA's flood insurance, and they were faced with a possible foreclosure. They explored their options, and found HUD's Single Family Disaster Relief Program. Under this program, HUD allows persons and families whose homes are destroyed as a result of a Presidentially Declared Disaster, to move into a HUD-owned property under a rental agreement for a period of up to 6 months. At the end of the 6-month period, the disaster victims are given first option to purchase the property at the appraised value. The Miller family decided to take this option to rent a HUD-owned home, and then bought the home earlier this year. This program is just one way HUD is making continued homeownership a reality for many disaster victims. For more information on the HUD's Real Estate Owned (REO) Properties available to Disaster Victims, please visit our website at www.hud.gov/offices/hsg/sfh/reo/reodisas.cfm. Content Archived: March 21, 2011 |
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