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UPDATE: Harvey Property Destruction Expands Further

shutterstock_494451604.jpgTexas Governor Greg Abbott has extended his state disaster declaration [1] to include 20 additional Texas counties in response to the damage caused by Hurricane Harvey, effective August 26. To view Governor Abbott’s updated proclamation, click here [2].

"The addition of these counties to the state disaster declaration will continue to allow Texas to quickly deploy all available resources to those affected by this devastating storm," said Governor Abbott. "Hurricane Harvey has had a catastrophic impact on Texans and their property, and this declaration will help them rebuild and recover. The state will continue to provide as much aid as possible to these communities that have already lost so much."

View the updated county ZIP code list by clicking here [3].

Please note that this declaration is independent of any FEMA Declared Disaster.

Once the storm comes to its end CoreLogic [4], a global property information provider, estimates [5] that Harvey will cost between $1 billion and $2 billion worth of insured property losses for both residential and commercial properties.

In response, Fannie Mae [6] is reminding homeowners that mortgage assistant options for the Gulf Coast area will be an option. Under Fannie Mae’s single-family mortgages, servicers have the ability to grant an initial period of forbearance to any borrower they believe has been affected by this natural disaster.

“At this time it is important for those in the path of the storm to focus on their safety as they deal with the damage caused by Hurricane Harvey,” said Carlos Perez, SVP and Chief Credit Officer at Fannie Mae.

Freddie Mac's [7] disaster relief options will also be available to borrowers with homes in presidentially declared Major Disaster Areas where federal Individual Assistance programs are made available to affected individuals and households. Until then, servicers may leverage Freddie Mac's forbearance programs to provide immediate mortgage relief to borrowers affected by the storm.

"We strongly encourage the many American families whose homes or businesses are being impacted by Hurricane Harvey to call their mortgage servicer if the Federal Emergency Management Agency's declaration is announced," said Yvette Gilmore, Freddie Mac's Vice President of Single-Family Servicer Performance Management. "Relief—including forbearance on mortgage payments for up to one year—may be available if their mortgage is owned or guaranteed by Freddie Mac."

FEMA issued an update on August 27 to a Presidential Major Disaster Declaration for areas in Texas affected by Hurricane Harvey beginning August 23 and continuing.

Click here [8] to view the updated ZIP Code List from FEMA Declared Disaster for Texas.

FEMA.gov [9] has also updated its list of safety procedures:

HUD is also keeping updates via Twitter.com (@HUDgov [10]) urging residents to continue to follow directions from local officials FEMA safety guidelines.