WASHINGTON, July 12, 2019 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is reminding those impacted by Tropical Storm Barry of available mortgage assistance and disaster relief options. Under Fannie Mae's guidelines for single-family mortgages:
- Homeowners affected by disaster are often eligible to stop their mortgage payments for up to 12 months
- Mortgage servicers are authorized to suspend or reduce a homeowner's mortgage payments immediately for up to 90 days – even without establishing contact – if the servicer believes the homeowner was affected
- During this temporary payment break:
- Homeowners will not incur late fees
- Credit bureau reporting is suspended
- Foreclosure and other legal proceedings are suspended
- When payments resume, a loan modification may help maintain the pre-disaster payment amount
- Homeowners may request mortgage assistance by contacting their mortgage servicer following a disaster
Fannie Mae also offers help navigating the broader financial effects of disaster to homeowners with a Fannie Mae-owned mortgage through its Disaster Response Network*, including:
- A needs assessment and personalized recovery plan
- Help requesting financial relief from FEMA, insurance, servicers, and other sources
- Web resources and ongoing guidance from experienced disaster relief advisors
Homeowners can call 877-833-1746 to access Fannie Mae's Disaster Response Network™* or other available resources.
"We want to reassure those in the path of Tropical Storm Barry that we're committed to their well-being and recovery, particularly as the storm is expected to strengthen before it makes landfall," said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae. "Along with our partners, we are focused on ensuring assistance is offered to homeowners and renters in need. We urge everyone in the area to be safe, and we encourage residents whose homes, employment, or income are affected by the storm to seek available 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.
*Operated by Clearpoint Credit Counseling Solutions, a division of MMI, through its Project Porchlight program
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