The flood waters are started to recede and many are returning to their homes and businesses which have been destroyed by this catastrophic disaster. The Houston and Southern Texas areas devastated by Hurricane Harvey have brought out the best in many Americans including the repossession industry. With no prompting and little fanfare, repossession agencies from across the country are on their way, and some are already there to providing assistance and supplies to help the people in the flood affected areas.
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I am looking for a state level mandate, but have found Santander,Ford Credit, Honda Financial Services, Hyundai Capital, Wells Fargo, Chase Auto Finance have all made statements to this effect. Which exact areas and for exactly how long is vague, but for all intents and purposes, 60 days may actually be short. I would expect any PR or litigation sensitive lender to follow suit or at very least, be extremely conservative in their efforts. RSIG is about to issue a statement on this topic as it pertains to the impending Hurricane Irma.
I am also curious about the 60 day moratorium issued by the state that you mentioned. Also, having an office in Houston I fully understand the impact of this storm locally, but I am surprised by some clients also considering Austin and San Antonio as impacted. We had a few days of steady rain and wind in Austin and San Antonio but I am not aware of any flooding in either of these cities from Harvey and to my knowledge the only impact we have felt in San Antonio is a shortage of fuel delivery.
You mention a 60 moratorium issued by “the state.” I can find no official moratorium information. Can you provide documentation of this?