Important Updates Regarding Aftermath of Hurricane Irma on Residential Mortgages in Florida

Quarles & Brady would like to notify our valued financial institution clients of important updates affecting residential properties in Florida. As was widely covered by all national news outlets, Florida was recently impacted by Hurricane Irma and a Major Disaster Declaration was declared for the entire state on September 10, 2017. The following counties have been specifically identified as suffering damage from the hurricane and are eligible for individual assistance: Charlotte, Collier, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Pinellas, Sarasota, Clay, Duval, Flagler, Putnam, St. Johns, Polk, Brevard, Orange, Pasco, St. Lucie, Citrus, DeSoto, Glades, Hardee, Hendry, Hernando, Highlands, Indian River, Lake, Marion, Martin, Okeechobee, Osceola, Seminole, Sumter, Volusia, Broward, Alachua, Baker, Bradford, Columbia, Gilchrist, Levy, Nassau, Suwannee, Union and Palm Beach. In addition, on September 7, 2017, Fannie Mae issued a statement that all servicers must suspend foreclosure and other legal proceedings if the servicer believes the homeowner has been impacted by Hurricane Irma. On September 11, 2017, the Federal Housing Administration also instituted a ninety (90) day foreclosure moratorium on all FHA-insured mortgages. On September 13, 2017, Freddie Mac also suspended all foreclosure sales through December 31, 2017. Finally, Freddie Mac is suspending, until further notice, all evictions for borrowers impacted by Hurricane Irma.

If you have any questions regarding any of the above declarations/mandates, please contact your Quarles & Brady team member, or Colleen Miller directly at colleen.miller@quarles.com and (813) 387-0282.