Financial Tips - Hurricane Harvey

Regardless of whether you have insurance, you may be eligible for some assistance from federal programs or directly from your financial institution. Check with your bank or financial institution. The Department of the Treasury is encouraging all financial institutions to offer relief to those impacted by Hurricane Harvey and may include the ability to skip payments or provide reduced fees/interest. Check with your financial institution on options available to you. For example, some credit unions offer the ability to skip payments for 3 months and are also offering 0% disaster relief loan for 24 months - one that does is: www.jscfcu.org. Register at www.DisasterAssistance.gov.The Federal Emergency Management Agency is designed to offer financial assistance. Applicants may also call 800-621-3362 or (TTY) 800-462-7585 from 7 a.m. to 10 p.m. daily. Assistance for eligible survivors can include grants for temporary housing and home repairs, and for other serious disaster-related needs, such as medical and dental expenses or funeral and burial costs. You should register with FEMA even if you have insurance. FEMA cannot duplicate insurance payments, but if you are under-insured, you may receive help after your insurance claim is settled. Short-term housing assistance and other immediate funding is available to survivors who register.  Survivors whose homes are uninhabitable or inaccessible may have access to short-term lodging at eligible hotels. FEMA can also provide up to two months of expedited rental assistance to those eligible. When survivors register, they will also receive information on other resources in their area, including available services from other federal agencies. For survivors who have suffered damage and have federal flood insurance, FEMA's National Flood Insurance Program is issuing advance payments of up to $5,000 for building and contents damages prior to an adjuster's inspection to help get funds into the hands of survivors as soon as possible.  If a policyholder has photos and receipts of out-of-pocket expenses, they may receive an advance payment of up to $10,000. For people with disabilities and others with access and functional needs, FEMA has created a webpage with resources. Find low interest, long-term disaster loans for homeowners and renters to repair and replace uninsured/underinsured disaster damaged property from the U.S. Small Business Administration (SBA). These loans also may be available to cover losses not fully compensated by insurance or other recoveries and do not duplicate benefits of other agencies or organizations. https://www.sba.gov/ Check out the 100% financing options available from HUD. Options include: Making mortgage insurance available- HUD's Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders may be eligible for 100 percent financing;   Making insurance available for both mortgages and home rehabilitation- HUD's Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home Take advantage of tax relief and keep good records of costs associated with Hurricane Harvey. www.irs.gov. Also, the Department of Treasury has suspended certain tax filing and payment deadlines, as well as certain fuel excise taxes, for those affected. Check out grants or other financial assistance from your employer or church. Many organizations pool donations to offer financial assistance to those hit especially hard.  Finally, don't overlook community resources providing food, cleaning supplies, clothes and other items. The financial savings from these necessities can go a long way in providing financial relief and off-set the other unexpected costs of rebuilding.