Homeowners who face hurricane damage may be eligible for relief

Fannie Mae is reminding homeowners affected by Hurricane Hermine in the southern Atlantic coastal states that they may be eligible for mortgage assistance.

Under Fannie Mae’s guidelines, servicers have the ability to grant an initial period of forbearance to any borrower they believe has been affected by this natural disaster, according to a news release. Servicers can grant additional forbearance with approval from Fannie Mae. Fannie Mae guidelines also authorize servicers to delay foreclosure sales and other legal proceedings in affected areas, the release said.

“Natural disasters like the hurricane in the southern Atlantic coastal states have a profound impact on people’s lives, and we and our servicers stand with homeowners who have been impacted by these extremely challenging conditions,” Malloy Evans, vice president of servicing at Fannie Mae, said in the release. “We deeply appreciate the dedication and support of our servicers who are working with borrowers and communities in need.”

Under Fannie Mae’s disaster relief guidelines, a servicer may temporarily suspend or reduce a homeowner’s mortgage payments for up to 90 days if the servicer believes a natural disaster has damaged the property or if the natural disaster has temporarily impacted the homeowner’s ability to make payments. Servicers may offer forbearance for up to six months, which may be extended for an additional six months, to homeowners that were current or 90 days or less delinquent when the disaster occurred, according to the release.

Lenders who are originating loans that will be sold to Fannie Mae are reminded that they must verify the condition of the property if it is in the area affected by the hurricane, the release said. Additional lender guidelines can be found at https://www.fanniemae.com/singlefamily/disaster-assistance.

Borrowers are encouraged to reach out to their servicer as soon as possible for assistance, or can reach FannieMae directly by calling 1-800-2FANNIE.

By |2019-11-25T07:59:07-06:00September 13th, 2016|Financial Services|0 Comments

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