WASHINGTON, Aug. 29, 2017 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) announced that in an effort to ease the burden facing homeowners affected by Hurricane Harvey, it will implement a 90-day foreclosure sale suspension and a 90-day eviction suspension for borrowers with properties located within a FEMA- declared disaster area that are eligible for FEMA Individual Assistance.
"Our thoughts are with the families in the path of this powerful and catastrophic storm. We continue to monitor the situation in the affected areas. The storm, while weakened, continues in many areas and it is simply too early to provide any data or assessment about the scale or scope of damage resulting from Hurricane Harvey," said Carlos Perez, Senior Vice President and Chief Credit Officer at Fannie Mae. "Preliminary assessments of actual damage at this point may be inaccurate and potentially misleading. We will continue to work with our Single-Family servicers to communicate our policies and ensure borrowers have access to the information and resources they need to help manage their housing challenges. We also continue to work with our Multifamily DUS® lenders and borrowers to determine appropriate actions to assist renters impacted by the storm."
In addition to the foreclosure and eviction moratorium, homeowners impacted by Hurricane Harvey may qualify for a forbearance, a temporary suspension or reduction of their mortgage payment for up to six months. Homeowners with Fannie Mae loans are eligible for free information and assistance through the Fannie Mae Mortgage Help Network or by telephone at 1-800-232-6643. To find out if your loan is owned by Fannie Mae, visit www.knowyouroptions.com. If your loan is not owned by Fannie Mae, use this link to see if Freddie Mac owns your loan.
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