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

Rhea-AI Summary

Fannie Mae (FNMA) is reminding homeowners and renters affected by Hurricane Ian, particularly in Florida and the southeastern U.S., about available mortgage assistance and disaster relief options. Homeowners can request support through their mortgage servicer and may qualify for a 90-day forbearance plan. They may also reduce or suspend payments for up to 12 months without incurring late fees. Additionally, Fannie Mae's Disaster Response Network offers personalized recovery plans, financial relief assistance, and ongoing guidance for up to 18 months, available in multiple languages.

Positive

• Homeowners can access mortgage forbearance plans for up to 90 days.
• Eligibility to reduce or suspend mortgage payments for up to 12 months.
• No late fees or foreclosure proceedings during payment suspension.
• Disaster Response Network provides personalized recovery support and access to financial relief.

Negative

• None.

WASHINGTON, Sept. 27, 2022 /PRNewswire/ -- Fannie Mae (FNMA/OTCQB) is reminding homeowners and renters that have been or may be impacted by a natural disaster, including those affected by Hurricane Ian in Florida and other southeastern states, 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.

"We urge everyone who has been or may be impacted by Hurricane Ian to focus on their safety," said Cyndi Danko, Chief Credit Officer, Single-Family, Fannie Mae. "Fannie Mae is committed to ensuring assistance is available to homeowners in need and we encourage them to contact their mortgage servicer to seek relief options and assistance as soon as possible. Additionally, homeowners 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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Fannie Mae Newsroom
https://www.fanniemae.com/news

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1-800-2FANNIE (800-232-6643)

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SOURCE Fannie Mae

FAQ

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

Fannie Mae offers mortgage forbearance plans for up to 90 days and the option to reduce or suspend payments for up to 12 months without late fees.

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

Homeowners can call 877-542-9723 or visit KnowYourOptions.com for assistance through Fannie Mae's Disaster Response Network.

What should homeowners do if they are impacted by a natural disaster?

Homeowners should contact their mortgage servicer to discuss available assistance options following a natural disaster.

Are there options for homeowners already on COVID-19 forbearance affected by Hurricane Ian?

Yes, homeowners on COVID-19-related forbearance plans may still be eligible for additional assistance after being affected by a natural disaster.