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Fannie Mae is reminding homeowners and renters affected by natural disasters, including those affected by the devastating fires in California and flooding in Kentucky, of mortgage assistance and disaster relief options available.
Below are Fannie Mae's guidelines for lending to a family affected by a natural disaster:
- Homeowners can get mortgage help by contacting their mortgage servicer (the company listed on their mortgage statement) after a disaster.
- Mortgage servicers can offer a repayment plan for up to 90 days – even without contacting the homeowner – if the servicer believes the home is affected by a disaster.
- Homeowners affected by a disaster are often eligible to have their mortgage payments reduced or suspended for up to 12 months. During this temporary reduction or stoppage of payments, homeowners cannot pay late fees and foreclosures and other legal processes are put on hold.
- Several options are available under the relief plan to potentially help homeowners meet default payments, including deferring payments in the event of a disaster.
Homeowners who are in a COVID-19 forbearance plan after being affected by a natural disaster may still be eligible for assistance and should contact their mortgage servicer to discuss options.
Fannie Mae also offers assistance in managing the broader financial impact of a disaster for homeowners and renters through the Disaster Response Network.
Housing counselors approved by the Department of Housing and Urban Development are trained disaster recovery professionals who are unique to each caller.
status and provision:
- Anxiety assessment and personal recovery plan.
- Assistance in applying for financial assistance from the Federal Emergency Management Agency (FEMA), insurance, and other sources.
- Web resources and ongoing consulting for up to 18 months. “First and foremost, we extend our deepest sympathies to the communities and individuals affected by the fires in California and flooding in Kentucky, and we hope they will continue to put safety first,” said Cyndi Danko. , Chief Single Family Lending Officer, Fannie Mae. “Along with our service partners, Fannie Mae remains committed to ensuring that assistance is available to those who need it, and we encourage affected homeowners to contact their mortgage servicer as soon as possible to discuss assistance options.
- Homeowners and renters can learn more about disaster relief.” resources and get personal support by contacting Fannie Mae’s toll-free disaster response network.”
Reference Source: Fannie Mae
