WASHINGTON, Sept. 21, 2022 /PRNewswire/ -- Fannie Mae (FNMA/OTCQB) is reminding homeowners and renters impacted by natural disasters, including those affected by Hurricane Fiona in Puerto Rico, 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.
"Our hearts are with all those who have been impacted by Hurricane Fiona since its landfall, and we want everyone in the path of the storm to prioritize their safety," Cyndi Danko, Chief Credit Officer, Single-Family, Fannie Mae. "As the affected areas begin to recover, Fannie Mae, in conjunction with its service providers, would like to remind homeowners in need that they should contact their mortgage servicer to seek relief options and assistance as quickly as possible. Additionally, homeowners and renters 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
About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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SOURCE Fannie Mae