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

Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) is reminding homeowners, renters, and mortgage servicers of disaster relief options available for those affected by Hurricane Helene. Homeowners facing hardship due to the hurricane are encouraged to contact their mortgage servicers to discuss relief options. Fannie Mae offers a disaster recovery counseling hotline at 855-HERE2HELP (855-437-3243).

Under Fannie Mae's guidelines, homeowners impacted by disasters may be eligible for:

• Mortgage payment reduction or suspension for up to 12 months through forbearance plans
• Suspension of late fees, foreclosures, and other legal proceedings
• 90-day forbearance plans offered by servicers if homeowner contact hasn't been established
• Post-forbearance options like Disaster Payment Deferral and Fannie Mae Flex Modification

Homeowners on COVID-19-related forbearance plans who are subsequently impacted by a disaster may still be eligible for assistance.

Positive

• Offering mortgage assistance and disaster relief options for homeowners affected by Hurricane Helene
• Providing free disaster recovery counseling through HUD-approved housing counselors
• Allowing mortgage payment reduction or suspension for up to 12 months
• Suspending late fees, foreclosures, and other legal proceedings during forbearance

Negative

• None.

WASHINGTON, Sept. 30, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is reminding homeowners and renters impacted by natural disasters, including those affected by Hurricane Helene, of available mortgage assistance and disaster relief options. Mortgage servicers also are reminded of options to assist homeowners under Fannie Mae's guidelines during these circumstances.

"Our top priority is the safety and well-being of those affected by Hurricane Helene. Homeowners facing hardship due to the hurricane should contact their mortgage servicer to discuss relief options as soon as they're able to do so," said Cyndi Danko, Senior Vice President and Chief Credit Officer, Single-Family, Fannie Mae.

Homeowners and renters should call 855-HERE2HELP (855-437-3243) to access Fannie Mae's disaster recovery counseling* or visit the Fannie Mae website for more information.

Under Fannie Mae's guidelines for single-family mortgages impacted by a disaster:

• Homeowners may request mortgage assistance by contacting their mortgage servicer (the company listed on their mortgage statement) following a disaster.
• Homeowners affected by a disaster are often eligible to reduce or suspend their mortgage payments for up to 12 months by entering a forbearance plan with their mortgage servicer. During this temporary reduction or pause in payments, homeowners will not incur late fees and foreclosure and other legal proceedings are suspended.
• In instances where contact with the homeowner has not been established, mortgage servicers are authorized to offer a forbearance plan for up to 90 days if the servicer believes the home was affected by a disaster.
• Following a forbearance plan, there are a number of options available to potentially help homeowners resolve the delinquency without paying a lump sum, including Disaster Payment Deferral and Fannie Mae Flex Modification.
• In addition, homeowners on a COVID-19-related forbearance plan who are subsequently impacted by a disaster may still be eligible for assistance and should contact their mortgage servicer to discuss options.

Homeowners and renters looking for disaster recovery resources may visit the Fannie Mae website to learn more about addressing immediate needs. Fannie Mae also offers help navigating the broader financial effects of a disaster to homeowners and renters through disaster recovery counseling at 855-HERE2HELP (855-437-3243).* Assistance is provided free of charge by U.S. Department of Housing and Urban Development-approved housing counselors who are trained disaster-recovery experts that provide:

• A needs assessment and personalized recovery plan.
• Help requesting financial relief from the Federal Emergency Management Agency, insurance, and other sources.
• Web resources and ongoing guidance for up to 18 months.
• Services available in multiple languages.

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

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SOURCE Fannie Mae

FAQ

What disaster relief options does Fannie Mae (FNMA) offer for Hurricane Helene victims?

Fannie Mae offers mortgage payment reduction or suspension for up to 12 months, suspension of late fees and foreclosures, and post-forbearance options like Disaster Payment Deferral and Fannie Mae Flex Modification for those affected by Hurricane Helene.

How long can homeowners affected by Hurricane Helene suspend their Fannie Mae (FNMA) mortgage payments?

Homeowners affected by Hurricane Helene can reduce or suspend their Fannie Mae mortgage payments for up to 12 months through a forbearance plan with their mortgage servicer.

What is the contact number for Fannie Mae's (FNMA) disaster recovery counseling for Hurricane Helene victims?

The contact number for Fannie Mae's disaster recovery counseling is 855-HERE2HELP (855-437-3243).

Can Fannie Mae (FNMA) borrowers on COVID-19 forbearance plans get additional help for Hurricane Helene?

Yes, Fannie Mae borrowers on COVID-19-related forbearance plans who are subsequently impacted by Hurricane Helene may still be eligible for additional assistance and should contact their mortgage servicer to discuss options.