Sandy foreclosure moratorium extended 90 days

From HousingWire:

FHFA, HUD extend foreclosure relief for Sandy Victims

Federal Housing Finance Agency Director Ed DeMarco and HUD Secretary Shaun Donovan said the federal housing agencies will extend foreclosure protections for homeowners displaced or negatively impacted by Hurricane Sandy.

Donovan and DeMarco said an existing foreclosure moratorium, that is about to expire, will be extended for another 90 days to offer families in the impacted region more time to recover.

The announcement blocks the initiation of new foreclosures and stalls any foreclosures already in process within disaster areas. The Federal Housing Administration also is suspending evictions on properties secured by FHA mortgages in areas impacted by the storm through April 30, 2013.

“It’s all too clear that families need more time to get back on their feet without having a foreclosure or eviction hanging over their heads,” said Donovan with HUD. “As we work to rebuild after this historic storm, we’ll do everything we can to ease the crushing burden being faced by those homeowners, many of whom have been forced from their homes.”

This entry was posted in Foreclosures, New Jersey Real Estate, Shore Real Estate. Bookmark the permalink.

98 Responses to Sandy foreclosure moratorium extended 90 days

  1. grim says:

    Ah man, Ed Koch passed away…

  2. Comrade Nom Deplume, unhinged. says:

    Last of the dems who got it.

  3. Juice Box says:

    I met Ed Koch when I was a kid, he presented a citation
    To my dad for saving people from a fire. RIP.

  4. Fabius Maximus says:

    Now these are the types of trials I’d like to see on CNN/FOX.

    Seeking Apple shareholders who lost $750,000 or more

  5. Tiny Violin says:

    Rest in peace, Hizzoner.

  6. Fabius Maximus says:

    Good write up on the new FEMA/NYC map and rebuilding requirements. The big point to note is that that if your house had more than 50% damage value, you will be required to raise your house to meet the standard.

    The information below was given to me by the flood insurance help line. They have a non-public number, if you need it message me.
    The area around St. Edmunds Church Breezy Point is ABFE: A (zone A).
    The 1% is the chance of a flood in any given year (analogous to the ‘hundred year flood zone’)
    The EL 12 is the required elevation above mean sea level for the 1st living floor of your home. ‘Required’ is if your home sustained damages greater then 50% of the home’s value. People that are not ‘required’ to elevate their homes, because damages are < 50% of homes value, will see an effect to their flood insurance premiums (i.e. flood insurance rates will be higher for homes with 1st floors below the 12 ft above mean sea level requirement). Something to consider when planning repairs.
    A topography map (link below, I don't know age or accuracy) of St. Edmunds Church shows grade (level of ground surface) to be 9 ft above mean sea level, so a home's 1st floor of living space should be *roughly* 3 feet above grade in that area (a survey can give you a precise measurement).

    Other areas in Breezy are Zone V; AKA Velocity Zones. They are required to build/re-build on post, piers or pilings. All areas in Breezy are recommended to build on post, piers or pilings, but it's only required in Zone V. The elevations in Breezy are either 12 or 13 ft. The areas of higher elevation (EL 15 on map) are the non-built-up beach front.

    Some towns require higher elevations, often referred to as free board or ex: "2 ft free board" which means the town requires 2 feet in addition to the 12 feet above mean sea level as indicated on the FEMA flood maps. I only heard that such a thing can exist (ref given was Jersey Shore); I have not heard it in reference to NYC, Breezy or the Rockaways. That being said, people that build higher then the FEMA flood level will see discounts in their flood insurance premiums. The discounts increase for every foot above the minimum elevation until you reach an additional 3 feet, at which point the discount is maximized, i.e. if you're going to lift your house 3 ft (to the min elevation required), you might consider lifting it 6 feet making it both safer and cheaper to insure.
    The interactive map shows a "provisional hurricane sandy storm surge elevation" of 12.7 ft. That area has a required build elevation of 13 ft (i.e. .3 ft above the water level of Sandy). That point is from 218th street (end of Roosevelt Walk) 1 block from the ocean front.

    *NEW* Advisory based flood elevations are available here:
    map navigation instructions:
    – goto
    – click the purple text on the right "Hurricane Sandy Advisory Base Flood Elevations"
    – in the left column, 2 paragraphs below "Know Your Risk" click click "FEMA's Interactive ABFE Map"
    – below 'home' and 'details' click the center icon, if you highlight it, it will read "show contents of map"
    – put the address with zip code in the search box
    – to overlay satellite images (i.e. to see the roofs of buildings) click the box next to "NOAA Aerial Imagery – Cached (Sandy 2012)" FYI, this can make the zoom bar on the left of the map a little hard to see
    – click on the text of "Advisory Base Flood Elevation Layers" to open the sub-menu.
    – Click on "Provisional Hurricane Sandy Storm Surge Elevation" to see Storm Surge levels, these points are shown as a white triangle in a blue circle. There are not many of these, so you may need to zoom out to find 1 in your area.
    If you single click on the text in the sub-menu a small arrow will come up on the right. That small arrow, when clicked will open up a menu, and the last item on that menu will open a description of the menu item.
    "Advisory Zones V and A" are the zones recommended to be on post, piers or pilings. They come up in 2 shades of pink. You have to turn off the "Area of MOderate Wave Action" to make it visible.

  7. grim says:

    7 – Hearing very different opinions from property owners in new A and V zones with EL12+ ratings down in LBI. They are claiming a very different situation with regards to flood insurance and minimum reqs. A few of them are going to raise properties, but are doing it only minimally (2-3 feet to take the main floors above the Sandy flood lines). Most of these are block foundation homes, they just planning to add 3-4 additional courses of block, versus a teardown of the foundation and replacing them with piers.

    I questioned the sense of a 2-3′ increase in elevation at the prices they were quoting. Sure, substantially lower than what piering would cost, but the lower price was only giving them a marginal reduction in risk. (some would argue that the extended block foundations near the V zones will actually increase the risk of foundation failure.)

    Worth noting that at least one of these properties was eligible for a grant to raise the property, but the owner didn’t want to “ruin the character of the home and neighborhood”. It’s “historic” after all…

  8. JSMC says:


    Awesome. Can I get a bailout for every loss I’ve ever sustained on a stock? Does my free consultation come with a pony?

  9. Mike says:

    Good Morning New Jersey

  10. The Original NJ ExPat says:

    Jim Nabors marries his 26-year-old boy toy (38 years later):

  11. grim says:

    January payrolls in below expectations at 157,000, unemployment ticks up to 7.9%.

    Big revisions to prior months, November revised up to 247k from 161k, December up to 196k from 155k.

  12. yome says:

    Table 111.A4 Social security never run a deficit

  13. yome says:

    Those who wants to know where the trust fund is invested Table 111.A7

  14. yome says:

    I guess the trust fund is not just sitting in a filing cabinet

  15. Mike says:

    11 Hey Paw Aunt Bee says Gomer’s a homo. Yup Opie he gave some mighty fine oil changes at the garage, mighty fine

  16. grim says:

    17 – Can’t retire, or won’t accept retirement at a lower standard of living than they are accustomed to? I guess he isn’t interested in downsizing and retiring in a little bungalow at Shady Acres.

  17. joyce says:

    Whatever helps you sleep at night, yome.

  18. grim says:

    From Bloomberg:

    New York City Housing Trails National Rebound: Cutting Research

    New York City’s housing market is poised to lag behind other markets for the next two years even as a national recovery in real estate continues.

    That’s the assessment of Capital Economics Ltd. Property Economist Paul Diggle and assistant Michael Pearce, who in a Jan. 28 report said “conditions look less amenable to rising prices in New York City, particularly in Manhattan and Brooklyn.” By contrast, average U.S. prices may gain 5 percent a year, they said.

    Housing in the region that includes New York City is 4 percent overvalued relative to rents and 2 percent overvalued relative to incomes, they estimate. Nationally, housing is 6 percent and 21 percent undervalued respectively, they estimate.

    The economists compared average home prices in the New York region and nationally with average incomes over the past two decades to determine whether prices now seemed too high or low.

    “Data on the level of house prices in Manhattan suggests that the average resident has to fork out seven times their annual income to buy in the borough,” they wrote. “The equivalent national figure is probably less than six.”

  19. grim says:

    Just some reference for the above post. Historically, price-to-income ratios for NY Metro have typically been 30-40% higher than the national average…

  20. yome says:

    When you are brainwashed, it ia always hard to accept a different view

  21. yome says:

    From that report,the trust fund collects monies from ss payroll and it disburse payments. The Fed has nothing to do with it. It can only spend what is in the trust fund. It should not even be counted as a Federal spending.

  22. Anon E. Moose says:

    The “Trust Fund” is invested in treasuries. What could go wrong, right? Its “Safe as houses.”

  23. Painhrtz - So Long and Thanks for all the Fish says:

    Yome, how does donkey dick taste?

  24. Mike says:

    25 Ask Jim Nabors

  25. freedy says:

    Highlights from the Wynn conference call.
    When Philly comes on line it will be great.

    The last one to leave AC ,turn the lights out.

  26. Jill says:

    JJ (from yesterday): I just had a minor bath remodel done and a deck built by Portuguese guys from Newark, and they were awesome. I never would have found them on my own but a colleague hired them blind from Craigslist so I had a personal reference. They did everything by the book with permits (though I had to fight like H-E-Double-Hockey-Sticks for the insurance cert), I paid a not-cheap but a fair price, the work is spectacular, and they were very nice and the work site was immaculate.

  27. Comrade Nom Deplume, Dirty Renter says:

    [22] yome

    “When you are brainwashed, it ia always hard to accept a different view”


  28. yome says:

    Did you ever hear the Pentagon,Military,Department of agriculture going broke? No. That is because it takes funding from Federal Government.This is counted as Federal spending.SS ,medicare can only spend what is in its trust.It is not funded by the Fed.

  29. Anon E. Moose says:

    Freedy [28];

    Interesting stats there. The house wins 3% off a VIP table but 30% off a “mass market” table. I used to wonder about that. My thought was that most small-time gamblers are woefully under-bankrolled for the limits they play. They walk up to a $15 Blackjack table with $100 or $150, and they predictably bust out before they make anything that would convince them to walk away. They are tapped out, and the game is over — they lose. On the other end, suppose they do go up to $300 or $400 — A) they don’t have the discipline to walk away, and B) the house is right there ready to book their continued action. Against the low level gambler, the house never runs out of money.

    On the other hand, the dollars are staggering. The VIP table drops 40x the dollar volume as the “mass market” table. That means thought the mass market table win rate is 10x the VIP, the house still makes 4x as much money.

  30. yome says:

    And so as millions of people,corporations and countries

    Anon E. Moose says:
    February 1, 2013 at 10:24 am
    The “Trust Fund” is invested in treasuries. What could go wrong, right? Its “Safe as houses.”

  31. yome says:

    You just had it last night.You forgot the taste already?

    Painhrtz – So Long and Thanks for all the Fish says:
    February 1, 2013 at 10:29 am
    Yome, how does donkey dick taste?

  32. yome says:

    Maybe you can explain to us how a trust work

  33. Anon E. Moose says:

    yo [33];

    And so as millions of people,corporations and countries

    Yeah, as a virtual mattress. Only fools expect to be able to retire on the interest they provide. Like they say, if you can’t spot the sucker at the table…

  34. Phoenix says:

    29 Jill, could you please email me at with name/no of contractor you used? Thanks. Disposable email.

  35. yome says:

    From Table 111.A7
    Purchased on June 30, 2011. The interest rate on these purchases was 2.5 percent.

    Not bad considering the safety

    Moose says;
    Yeah, as a virtual mattress. Only fools expect to be able to retire on the interest they provide. Like they say, if you can’t spot the sucker at the table…

  36. xolepa says:

    Funny how the press states that Jim Nabors was ‘coming out’. For god’s sake, that was in the news 2 years after Gomer Pyle show left the airwaves. It wasn’t a big deal then, why is it now? I guess the authors weren’t born yet.

    As to retirement, I am surely getting the hell out of dodge (aka NJ) when I retire. I am paying almost $40k a year combined in property taxes here. I can sell out, perhaps do some Starker exchanges and save $20k a year at least. I will likely have to sell a vacation house in NY state too and buy one in PA. NY Sullivan county taxes are high (Monticello welfare crowd). While comparable property in PA $2k taxes + association fees, all under $4k. We’re talking prime lake front. As to Florida, Sarasota county nice new homes taxes with market value $300-400 are $5k.

  37. Phoenix says:

    27 grim
    Site would be perfect for a Colosseum. There are no other ones in the country that I know about. Bring in child molesters, rapists, (choose your flavor) and let it rip. Just think of the possibilities and the tax revenue it could bring in, along with the syndicated tv channel.

  38. Comrade Nom Deplume, Dirty Renter says:

    [35] yome,

    Sure, as soon as your retainer check clears. Seriously, what’s your point because you are putting out random facts without a coherent argument or point. What is it you are trying to prove or say? I really don’t have time to do this work for you so spit it out and I will look at it when I get back.

  39. Anon E. Moose says:

    Yo [38];

    Not bad considering the safety

    I’ll type it again, for you — slowly this time. If you can’t spot the sucker at the table…

  40. yome says:

    My point is the trust fund works like a regular trust.It can only disburse what is in the fund.It can not spend monies it does not have.It does not add to the deficit nor it is a Federal spending.

  41. Ernest Money says:

    Hell, I thought Gomer was dead.

    Good deadpool candidate, anyway.

  42. Mike says:

    You’re thinking of Barney Fife

  43. Painhrtz - So Long and Thanks for all the Fish says:

    Yome and if it actually acted that way you would be correct but when you have declining contributions, larger outlays and the “trust” is an IOU from the fed it is nor more a trust fund as madoff’s brokerage was an investmetn firm. On top of that throw in the stealth inflation that is going on for years SS is a doomed program.

  44. yome says:

    with 10 million illegals be paying into the system.Workers planning to work longer and die earlier before retirement with no beneficiary except a living spouse or under age kids.I doubt at that age they will have under age kids.I will not bet SS is doomed in our or our kids lifetime.It has 2.6T in surplas to date and growing.It is taking 106 billion in interest annually and growing.

  45. cobbler says:

    Everyone had a 2% increase in FICA deduction in their paycheck in January (rollback of a 2010 decrease); economy will likely have a very minor hickup as a result. Doing another 2% say 5 years from now will make the SS trust fund completely solvent till the end of the century. SS is not a problem, it’s a bugaboo – otoh, healthcare spend is a monster that everyone is just wishing away and hoping for a miracle solution with all winners and no losers.

  46. yome says: can only spend what is in the fund.It can adjust decrease or increase future payments for workers not retired

  47. yome says:

    From post 13
    the link says it collects payroll ss taxes and disburse the fund itself .It is not just an IOU from the Fed.It holds and invest the funds just like any trust

  48. yome says:

    #49 Cobbler

    From post 13 link

    Payroll tax credits due to P.L. 98-21 a
    Net general fund reimbursements 87,753 million

    No loss revenue from 2% FICA rollback

  49. finallybuying? says:

    Question – I made an offer on a short sale and the seller countered with an offer 5K higher. What is the reasoning a seller would counter? I can understand them not wanting to waste time sending a lowball offer to the bank but why do they care about 5K when the sellers aren’t making any money anyway?

  50. Brian says:

    Grim, my thoughts after using the BB Z10 are that it does not pass the out of the box usability test. Once people i handed it to figured out the “swipe up with a finger” command brought you to their homescreen it was an interesting phone…and it did much of the same things an iPhone can do.

    Seems to be designed to be used with one hand using thumb gestures.

  51. Painhrtz - So Long and Thanks for all the Fish says:

    finally depends on their agreement with the bank.

  52. Ernest Money says:

    yome is a trolling sheep.

  53. Ernest Money says:

    SS will fail because a gubmint-run Ponzi can be no more successful than a Madoff-type scam.

  54. Ernest Money says:

    yome probably sells Amway, Silpada, etc in his spare time.

  55. Ernest Money says:

    brain (56)-

    Should be perfect for you. Use your spank the monkey hand.

    “Seems to be designed to be used with one hand using thumb gestures.”

  56. Brian says:

    Maybe you should use yours more often. Release some of that anger.

    61.Ernest Money says:
    February 1, 2013 at 12:18 pm
    brain (56)-

    Should be perfect for you. Use your spank the monkey hand.

  57. Brian says:

    Oh that’s right sorry, forgot that the doc turned you into a unich when you went in for your vasectomy.

  58. Ernest Money says:

    brain (63)-

    “Unich”? Is that like a type of unicorn?

    What a waste it is to lose one’s mind.

  59. Brian says:

    you would know

  60. grim says:

    Worst thread ever

  61. BearsFan says:

    63 – considering how I was just saying to myself how great the last 2 days were…kind of funny :)

  62. Statler Waldorf says:

    “I made an offer on a short sale and the seller countered with an offer 5K higher.”

    An insignificant sum in the context of NJ real estate. If you like the house, make a move.

  63. Anon E. Moose says:

    Statler [65];

    An insignificant sum in the context of NJ real estate.


    If you like the house, make a move.

    Why bid against himself? Let the seller submit the offer to the bank and negotiate with the real decision-maker.

    I bid on a property in W. Caldwell that was neglected, needed a good bit of work, was at least $200k underwater, including a second. It was owned by some Donald J. Chump III whose name was spread all over the Essex county land records like dung. No counter, he wouldn’t even submit my offer to the bank. I spoke to the attorney for the first lien-holder, who said that even three years on they were at least 18 mos. from taking title. No wonder the ‘owner’ felt he could wait for a better offer – he had nothing to lose by waiting. Speaking of which, hows the latest FK moratorium doing? it expires never, on the installment plan.

  64. cobbler says:

    i don’t know to what extent the fact the haggling about the price had been documented, could play a role in the bank’s decision to approve of a short sale. Maybe the “seller” thinks something along these lines… If he wanted to just extend the time before the FK, the counter would have been not 5K, but at least 30K over the offer, just to make sure it is rejected.

  65. Painhrtz - So Long and Thanks for all the Fish says:

    Grim I concur and when did Brian become Brain I didn’t get the memo.

  66. grim says:

    Perhaps the sellers had already submitted an offer with a similar amount to the bank, and it was rejected? Did you bid ask or under?

  67. Brian says:

    Where’s seif when you need him. He was a good lightning rod for Ernest’s venom.

  68. Painhrtz - So Long and Thanks for all the Fish says:

    I’ve been to huntsville it is like a corn kernel of reason in a turd of stupid. I’ll stick to high tax Nj and the where the summers are only oprresive for 3 months out of the year not 6.

  69. Richard says:

    #63 grim, can’t be that bad, “huntsville al homes for sale” seems to love this stuff.

  70. Ragnar says:

    SS won’t “fail” per se. Instead, it will fail to pay all the goodies to all the people who want them, because SS is paid by taking from whatever the productive base exists in America, in addition to whatever the government can borrow at home and abroad. But the US treasury and value of the US dollar can “fail,” especially if the productive base of the US falls in relation to US debts and spending obligations. SS would participate in the squeeze, and the war over the spoils that government can get its hands on. Thus think Greece. They still have whatever social security system they had, it’s just not as generous.

    Economics is much simpler than the Nobel prize winners want people to think. People produce useful goods and services which they trade for goods and services they want to consume. In aggregate, an economy cannot consume more than it produces for very long. Long term growth comes from saving and reinvesting in capital, plus innovation, and this growth is mostly driven by having the incentive to invest and innovate in greater productive capacity (which in turn rests upon legal institutions and incentive/disencentive structures).

    You cannot spend yourself rich, nor can your eat your way thin.

  71. finallybuying? says:

    My bid was 245 and they are asking 259. Seller countered with 250. Seller is not currently living in the house but the house is in very good shape. 5k is not a whole lot in the whole scheme of it, I just don’t like upping my offer before it even gets to the bank.

  72. Magnificent issues altogether, you just received a new reader. What would you recommend in regards to your submit that you simply made a few days ago? Any certain?

  73. chicagofinance says:

    grim: e-mailed you……

  74. Unicorn Lover says:

    Don’t order this product if you have a conscience. The unicorns in the industrial unicorn farms live in appalling conditions, in many cases worse than those of the pegasus ranches. Don’t believe the propaganda of Lisa Frank and the other tycoons of big unicorn; all that awaits these poor creatures is the abattoir and the rainbow factory. Be ethical and buy (kosher) dragon meat instead.

    76.Ragnar says:
    February 1, 2013 at 3:04 pm
    Unicorns are real! Canned unicorn meat for sale on Amazon. Excellent source of sparkles.

  75. Libtard in the City says:

    “I’ve been to huntsville it is like a corn kernel of reason in a turd of stupid.”

    I concur. It’s a very strange place. I dad to fly there for work. The best thing about Huntsville was the pulled pork sandwich I got at the Memphis airport prior to my connecting flight to Huntsville.

  76. Anon E. Moose says:

    Re: Huntsville;

    I suppose NASA’s presence raised the average local IQ a bit. By the same token, NASA shrinking probably has something to do with why a spambot hawking real estate trolls a NJ real estate board.

  77. Jill says:

    #37: I sent you e-mail with complete info.

  78. Libtard in the City says:


    Could have been worse. The keyword ‘turd’ could have triggered some much more interesting spambot action.

  79. Painhrtz - So Long and Thanks for all the Fish says:

    Lib I stayed at the Marriot with the view of the Saturn V rocket. August, hotter than hades, with thunderbolts from Zeus himself. That freaking rocket was hit at least 5 times that night it was an impressive fireworks show. food sucked, airport sucked, people were OK. Wne tout to dinner outside of huntsville on the recommendation of the locals, food was better, IQ’s took a decided turn south.

  80. Juice Box says:

    Just back from the South from a business conference loaded up with people from all parts south of the Mason-Dixon line. Seems like they are awfully proud of their low taxes. Anytime I mentioned to someone that I was from NJ they felt sorry for me and our high taxes and bragged how their property tax was around $1k a year. I commented we have high taxes to keep the Tea Party out, and a few of them actually laughed.

  81. Libtard in the City says:

    Ever cross the river from Cincinnati, Ohio into Covington, Kentucky? You can literally feel the invisible wall of stupid in the air.

  82. Essex says:

    86. Yeah, cause the braintrust here has it all figured out.

  83. Painhrtz - So Long and Thanks for all the Fish says:

    Lib yep stayed on the covington side cause it was cheaper that was my first mistake.

  84. Painhrtz - So Long and Thanks for all the Fish says:

    My job takes me to a lot of sh!tty places

  85. Juice Box says:

    cue banjo sounds…..

  86. Fabius Maximus says:

    #90 Juice

    You’ll be making Clot homesick!

  87. Juice Box says:

    re # 91 – Who is more inbred?

    A. Clot
    B. Lonnie the banjo player
    C. Prince Charles
    D. This is a trick question they are all related

  88. Fast Eddie says:

    I just read two days worth of posts and not one mention of Ron Jeremy? This place is slipping! :0

  89. freedy says:

    Did Ron donate his organ

  90. Fabius Maximus says:

    #94 FE

    Who is he? I’ve never heard of him … ;*)

  91. The Original NJ ExPat says:

    [94] gary – Ron Jeremy update – More p*rn stars hospitalized in apparent botulism epidemic. The CDC is now taking over the investigation and Ron Jeremy is thought to be patient zero. Botulism is often contracted from bad meat in the can.

    I just read two days worth of posts and not one mention of Ron Jeremy? This place is slipping! :0

  92. cobbler says:

    Robospam in Hebrew should stop for the Sabbath, no?

  93. Phoenix says:

    Jill, thank you very much for the info on the contractor. We are not ready yet here but the time is coming.

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