Fannie Mae Reminds Homeowners and Mortgage Servicers of Assistance Options for Those Affected by Hurricane Sally and the West Coast Wildfires

Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) is offering mortgage assistance and disaster relief for homeowners affected by Hurricane Sally and West Coast Wildfires. Key options include:

• Mortgage servicers can suspend or reduce payments for up to 90 days without direct contact.
• Homeowners may suspend payments for up to 12 months without incurring late fees.
• The Disaster Response Network provides personalized recovery plans and financial relief guidance.

Homeowners are encouraged to contact their mortgage servicers for available assistance.

Positive

• Homeowners can suspend mortgage payments for up to 12 months without late fees.
• Mortgage servicers authorized to reduce payments for up to 90 days without direct contact.
• Disaster Response Network offers personalized recovery plans and financial assistance.

Negative

• None.

WASHINGTON, Sept. 16, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is reminding those impacted by Hurricane Sally and the West Coast Wildfires 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 following a disaster
• Mortgage servicers are authorized to suspend or reduce a homeowner's mortgage payments for up to 90 days – even without establishing contact – if the servicer believes the homeowner 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 payment break:
• Homeowners will not incur late fees
• Foreclosure and other legal proceedings are suspended
• There are a number of options available to potentially help homeowners catch up on missed payments

In addition, homeowners currently on a COVID-19-related forbearance plan who are subsequently impacted by the storm or fires should contact their mortgage servicer to discuss options.

Fannie Mae also offers help navigating the broader financial effects of a disaster to homeowners with a Fannie Mae-owned mortgage and renters living in Fannie Mae-financed properties through its Disaster Response Network*, including:

• A needs assessment and personalized recovery plan
• Help requesting financial relief from FEMA, insurance, and other sources
• Web resources and ongoing guidance from experienced disaster relief advisors

Homeowners and renters can call 877-833-1746 to access Fannie Mae's Disaster Response Network™* or other available resources.

"We are monitoring these situations, and we urge those in the path of the storm and fires to focus on their safety," said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae. "Along with our lending and servicing partners, Fannie Mae is committed to ensuring assistance is available to homeowners in need. We encourage residents whose homes, employment, or income are impacted by this storm and fires to seek available assistance as soon as possible."

*Operated by Clearpoint Credit Counseling Solutions, a division of MMI, through its Project Porchlight program

About Fannie Mae
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 | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom
https://www.fanniemae.com/news

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Fannie Mae Resource Center
1-800-2FANNIE (800-232-6643)

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SOURCE Fannie Mae

FAQ

What mortgage assistance does Fannie Mae offer for Hurricane Sally victims?

Fannie Mae allows up to 12 months of mortgage payment suspension without late fees for homeowners affected by Hurricane Sally.

How long can mortgage servicers suspend payments for disaster victims?

Mortgage servicers can suspend or reduce payments for up to 90 days even without establishing direct contact.

Where can homeowners find more information on disaster relief options?

Homeowners can access assistance through Fannie Mae's Disaster Response Network by calling 877-833-1746.

What should homeowners do if they are on a COVID-19-related forbearance plan and affected by the storm?

Affected homeowners should contact their mortgage servicer to discuss available options.