Fannie Mae reminds residents and mortgage agents of assistance options for borrowers affected by Hurricane Laura and California wildfires
WASHINGTON, Aug.26, 2020 / PRNewswire / – Fannie Mae (OTCQB: FNMA) reminds those affected by Hurricane Laura and the California wildfires of the mortgage assistance and disaster relief options available. According to Fannie Mae’s guidelines for mortgages for a family affected by a natural disaster:
- Homeowners can request mortgage help by contacting their mortgage agent following a disaster
- Mortgage agents are allowed to suspend or reduce a homeowner’s mortgage payments for up to 90 days – even without making contact – if they believe the homeowner has been affected.
- Homeowners affected by disaster often have the right to reduce or suspend mortgage payments for up to 12 months
- During this temporary payment break:
- Homeowners will not incur late fees
- Seizures and other legal proceedings are suspended
- There are a number of options available to help homeowners make up for missed payments.
Additionally, homeowners currently on a COVID-19 forbearance plan who are subsequently affected by the storm or fire should contact their mortgage agent to discuss options.
Fannie Mae also offers help managing the wider financial effects of a disaster to homeowners with a mortgage owned by Fannie Mae and tenants living in properties funded by Fannie Mae through its Disaster Response Network * , notably :
- A needs assessment and a personalized recovery plan
- Help with applying for financial assistance from FEMA, insurance and other sources
- Web resources and ongoing advice from experienced disaster relief advisers
Homeowners and tenants can call 877-833-1746 to access Fannie Mae’s Disaster Response Network ™ * or other available resources.
“We are monitoring these situations and urging those who find themselves in the path of the storm and the fires to focus on their safety first as they prepare for the potential impact of these events,” said Malloy evans, Senior Vice President and Chief Credit Officer for Single Family Families, Fannie Mae. “With our loan and service partners, Fannie Mae is committed to ensuring that help is available to homeowners and tenants in need. We encourage residents whose homes, employment or income are affected by this storm and these fires to seek help available as soon as possible. “
* Managed by Clearpoint Credit Counseling Solutions, a division of MMI, through its Project Porchlight program
About Fannie Mae
Fannie Mae is helping make 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We work in partnership with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risks. To find out more, visit:
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