Fannie Mae Reminds Homeowners and Mortgage Servicers of Assistance Options for Those Affected by Hurricane Zeta
WASHINGTON, Oct. 28, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is reminding those impacted by Hurricane Zeta of available mortgage assistance and disaster relief options. Under Fannie Mae's guidelines for single-family mortgages impacted by a natural disaster:
- Homeowners may request mortgage assistance by contacting their mortgage servicer following a disaster
- Mortgage servicers are authorized to suspend or reduce a homeowner's mortgage payments for up to 90 days – even without establishing contact – if the servicer believes the homeowner was affected by the disaster
- Homeowners affected by a disaster are often eligible to reduce or suspend their mortgage payments for up to 12 months
- During this temporary payment break:
- Homeowners will not incur late fees
- Foreclosure and other legal proceedings are suspended
- There are a number of options available to potentially help homeowners catch up on missed payments, including Disaster Payment Deferral available as of October 1, 2020
In addition, homeowners currently on a COVID-19-related forbearance plan who are subsequently impacted by the storm should contact their mortgage servicer to discuss options.
Fannie Mae also offers help navigating the broader financial effects of a disaster to homeowners with a Fannie Mae-owned mortgage and renters living in Fannie Mae-financed properties through its Disaster Response Network*, including:
- A needs assessment and personalized recovery plan
- Help requesting financial relief from FEMA, insurance, and other sources
- Web resources and ongoing guidance from experienced disaster relief advisors
Homeowners and renters can call 877-833-1746 to access Fannie Mae's Disaster Response Network™* or other available resources free of charge.
"We urge everyone in the path of the storm to focus on their safety," said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae. "Fannie Mae is committed to ensuring assistance is available to homeowners and renters in need and we encourage residents impacted by this storm to seek assistance as soon as possible."
*Operated by Clearpoint Credit Counseling Solutions, a division of MMI, through its Project Porchlight program
About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner 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 risk. To learn more, visit:
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