WASHINGTON, Sept. 27, 2022 /PRNewswire/ -- Fannie Mae (FNMA/OTCQB) is reminding homeowners and renters that have been or may be impacted by a natural disaster, including those affected by Hurricane Ian in Florida and other southeastern states, 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 (the company listed on their mortgage statement) following a disaster.
Mortgage servicers are authorized to offer a forbearance plan for up to 90 days – even without establishing contact with the homeowner – if the servicer believes the home 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 reduction or pause in payments, homeowners will not incur late fees and foreclosure and other legal proceedings are suspended.
Following a forbearance plan, there are a number of options available to potentially help homeowners catch up on missed payments, including Disaster Payment Deferral.
In addition, homeowners currently on a COVID-19-related forbearance plan who were subsequently impacted by a natural disaster may still be eligible for assistance and should contact their mortgage servicer to discuss options.
Fannie Mae also offers help navigating the broader financial effects of a disaster to homeowners and renters through its Disaster Response Network.* The Disaster Response Network's Department of Housing and Urban Development-approved housing counselors are trained disaster-recovery experts who will assess each caller's unique situation and provide:
A needs assessment and personalized recovery plan.
Help requesting financial relief from the Federal Emergency Management Agency (FEMA), insurance, and other sources.
Web resources and ongoing guidance for up to 18 months.
Services available in Spanish and other languages.
"We urge everyone who has been or may be impacted by Hurricane Ian to focus on their safety," said Cyndi Danko, Chief Credit Officer, Single-Family, Fannie Mae. "Fannie Mae is committed to ensuring assistance is available to homeowners in need and we encourage them to contact their mortgage servicer to seek relief options and assistance as soon as possible. Additionally, homeowners can learn more and receive personalized support by contacting Fannie Mae's free Disaster Response Network."
Homeowners and renters can call 877-542-9723 to access Fannie Mae's Disaster Response Network™* free of charge or visit KnowYourOptions.com for more information.
*Operated by Money Management International/MMI
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SOURCE Fannie Mae