Fannie Mae Reminds Homeowners and Mortgage Servicers of Assistance Options for Those Affected by Hurricane Ida

Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) is providing mortgage assistance and disaster relief for homeowners affected by Hurricane Ida. Homeowners can request aid through their mortgage servicer, with options for forbearance up to 90 days without contact. They may reduce or suspend payments for up to 12 months, avoiding late fees and foreclosure proceedings during this period. The Disaster Response Network offers personalized plans and help with financial relief applications. Homeowners on COVID-19 forbearance should also reach out for options.

Positive

• Mortgage servicers can offer forbearance for up to 90 days.
• Homeowners may reduce or suspend mortgage payments for up to 12 months.
• No late fees or foreclosure actions during payment breaks.
• Disaster Response Network offers personalized assistance and resources.

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• None.

WASHINGTON, Aug. 30, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is reminding those impacted by Hurricane Ida 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 offer forbearance 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, including Disaster Payment Deferral

In addition, homeowners currently on a COVID-19-related forbearance plan who are subsequently impacted by the storm 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 free of charge.

"We urge everyone in the path of the storm to focus on their safety," said Cyndi Danko, Vice President, Single-Family Risk Management, Fannie Mae. "Fannie Mae is committed to ensuring assistance is available to homeowners and renters in need and we encourage residents impacted by this storm to seek 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 people in America. 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 is Fannie Mae doing for Hurricane Ida victims?

Fannie Mae is offering mortgage assistance and disaster relief options for homeowners affected by Hurricane Ida.

How long can homeowners suspend mortgage payments after Hurricane Ida?

Homeowners may suspend mortgage payments for up to 12 months following Hurricane Ida.

What assistance does Fannie Mae provide for Hurricane Ida victims?

Fannie Mae provides forbearance options, disaster relief assistance, and access to the Disaster Response Network.

How can homeowners access Fannie Mae's Disaster Response Network?

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

What are the forbearance options for homeowners affected by Hurricane Ida?

Mortgage servicers can provide forbearance for up to 90 days, and homeowners may reduce mortgage payments for up to 12 months.