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

Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) is reminding homeowners, renters, and mortgage servicers of disaster relief options available for those affected by natural disasters, including the forecasted hurricane and wildfire seasons. The company offers mortgage assistance and free disaster recovery counseling services.

Key points include:

• Homeowners may be eligible for up to 12 months of mortgage payment reduction or suspension through forbearance plans
• Mortgage servicers can offer 90-day forbearance plans without homeowner contact in affected areas
• Post-forbearance options include Disaster Payment Deferral and Fannie Mae Flex Modification
• Free disaster recovery counseling is available at 855-HERE2HELP (855-437-3243)

These measures aim to provide financial relief and support to those impacted by disasters, prioritizing their safety and recovery.

Positive

• Offering up to 12 months of mortgage payment reduction or suspension for disaster-affected homeowners
• Providing free disaster recovery counseling services
• Authorizing mortgage servicers to offer 90-day forbearance plans without homeowner contact in affected areas
• Offering post-forbearance options like Disaster Payment Deferral and Fannie Mae Flex Modification

Negative

• None.

WASHINGTON, July 17, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is reminding homeowners and renters impacted by disasters of available mortgage assistance and disaster relief options given the forecasted hurricane and wildfire seasons, including Hurricane Beryl and California wildfires. Mortgage servicers also are reminded of options to assist homeowners under Fannie Mae's guidelines during these circumstances.

"As the country enters what is expected to be a significant hurricane season, we encourage homeowners, renters, and mortgage servicers to review Fannie Mae's disaster relief resources," said Cyndi Danko, Senior Vice President and Chief Credit Officer, Single-Family, Fannie Mae. "The well-being of those affected by a disaster is of the utmost importance. By taking note of their options ahead of a potential disaster event, consumers can have valuable peace of mind as they prioritize their safety and recovery. Both homeowners and renters can learn more about these resources, including personalized support in the wake of disaster, by contacting Fannie Mae's free counseling services."  

Homeowners and renters can 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: 
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 disaster relief options does Fannie Mae (FNMA) offer for homeowners affected by natural disasters?

Fannie Mae offers mortgage assistance including up to 12 months of mortgage payment reduction or suspension through forbearance plans, 90-day forbearance plans without homeowner contact in affected areas, and post-forbearance options like Disaster Payment Deferral and Fannie Mae Flex Modification.

How can homeowners and renters access Fannie Mae's disaster recovery counseling services?

Homeowners and renters can access Fannie Mae's free disaster recovery counseling services by calling 855-HERE2HELP (855-437-3243) or visiting the Fannie Mae website for more information.

What specific assistance does Fannie Mae's disaster recovery counseling provide?

Fannie Mae's disaster recovery counseling provides a needs assessment and personalized recovery plan, assistance with requesting financial relief from FEMA and insurance, web resources, and ongoing guidance for up to 18 months. Services are available in multiple languages.

Are homeowners on COVID-19-related forbearance plans eligible for Fannie Mae's disaster relief if impacted by a new disaster?

Yes, homeowners on COVID-19-related forbearance plans who are subsequently impacted by a disaster may still be eligible for assistance and should contact their mortgage servicer to discuss options.