Fannie Mae Reminds Homeowners, Renters, and Mortgage Servicers of Disaster Relief Options for Those Affected by Hurricane Fiona

Rhea-AI Summary

Fannie Mae (FNMA) reminds homeowners and renters affected by natural disasters, particularly Hurricane Fiona in Puerto Rico, of available mortgage assistance. Under its guidelines, homeowners can request assistance through their mortgage servicer, who may offer a forbearance plan for up to 90 days. For those impacted, mortgage payments can be reduced or suspended for up to 12 months without incurring late fees. Fannie Mae also provides support through its Disaster Response Network, offering personalized recovery plans and help navigating financial relief options.

Positive

• Mortgage servicers can offer a forbearance plan for up to 90 days without homeowner contact.
• Homeowners can suspend payments for up to 12 months without late fees or foreclosure proceedings.
• Disaster Response Network provides personalized recovery plans and access to financial relief resources.

Negative

• None.

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

FAQ

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

Fannie Mae offers mortgage assistance, including forbearance plans up to 90 days and payment suspensions for up to 12 months without late fees for those affected by Hurricane Fiona.

How can homeowners contact Fannie Mae for disaster relief?

Homeowners can call 877-542-9723 to access Fannie Mae's Disaster Response Network for free assistance.

What support is available for renters impacted by Hurricane Fiona?

Fannie Mae's Disaster Response Network offers support for both homeowners and renters affected by Hurricane Fiona, including personalized recovery plans.

What is the role of mortgage servicers in disaster relief according to Fannie Mae?

Mortgage servicers are authorized to provide forbearance plans and assist homeowners in accessing disaster relief options under Fannie Mae's guidelines.