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

Rhea-AI Summary

Fannie Mae (FNMA) is issuing a reminder about mortgage assistance for those affected by Hurricane Delta. Homeowners can contact their mortgage servicer for help, which may include payment suspension for up to 90 days. They can also potentially reduce or suspend payments for up to 12 months without incurring late fees. Fannie Mae's Disaster Response Network offers personalized support, including help with financial relief from FEMA. Homeowners on COVID-19 forbearance plans are advised to reach out to their servicer for further assistance.

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• Mortgage servicers can suspend or reduce payments for up to 90 days for disaster-affected homeowners.
• Homeowners may reduce or suspend mortgage payments for up to 12 months without incurring late fees.
• Fannie Mae offers a comprehensive Disaster Response Network to assist with financial relief.

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• None.

WASHINGTON, Oct. 8, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is reminding those impacted by Hurricane Delta 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, including Disaster Payment Deferral available as of October 1, 2020.

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.

"First and foremost, we want everyone in the path of the storm to prioritize their safety," said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae. "We also want to remind homeowners that support is available, and encourage those in need to seek assistance by contacting their mortgage servicer or visiting Fannie Mae's disaster recovery page on KnowYourOptions.com."

*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 assistance does Fannie Mae offer for Hurricane Delta victims?

Fannie Mae offers mortgage assistance, including payment suspension for up to 90 days and options to reduce payments for up to 12 months.

How can homeowners affected by Hurricane Delta contact Fannie Mae?

Homeowners can contact their mortgage servicer or call Fannie Mae's Disaster Response Network at 877-833-1746.

Can homeowners on forbearance plans get assistance after Hurricane Delta?

Yes, homeowners on COVID-19-related forbearance plans should contact their mortgage servicer to discuss assistance options.

What is the duration for which mortgage payments can be suspended after a disaster?

Mortgage payments can be suspended for up to 90 days after a disaster.

Are late fees incurred during the mortgage payment suspension?

No, homeowners will not incur late fees during the suspension or reduction of mortgage payments.