WASHINGTON, Sept. 12, 2018 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) is reminding those impacted by Hurricane Florence of the options available for mortgage assistance. Under Fannie Mae's guidelines for single-family mortgages:
- Homeowners impacted by Hurricane Florence are eligible to stop making mortgage payments for up to 12 months, during which time they:
- will not incur late fees during this temporary payment break
- will not have delinquencies reported to the credit bureaus
- Servicers are authorized to suspend or reduce a homeowner's mortgage payments immediately for up to 90 days without any contact with the homeowner if the servicer believes the homeowner has been affected by a disaster. Payment forbearance of up to 12 months is available in many circumstances.
- Servicers must suspend foreclosure and other legal proceedings if the servicer believes the homeowner has been impacted by a disaster.
"We want to ensure those in the path of Hurricane Florence have peace of mind and time to focus on their safety," said Carlos Perez, Senior Vice President and Chief Credit Officer at Fannie Mae. "Fannie Mae and our lending and servicing partners are focused on ensuring assistance is offered to individuals and families in need. We also continue to work with our Multifamily DUS® lenders and borrowers to determine appropriate actions to assist renters impacted by the storm. We urge everyone in the area to be safe, and we encourage homeowners affected by the storm to contact their mortgage servicer for assistance as soon as possible."
Homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE (1-800-232-6643). For more information, please visit www.knowyouroptions.com/relief.
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 fanniemae.com and follow us on twitter.com/fanniemae.
SOURCE Fannie Mae