Fannie Mae Reminds Homeowners, Renters, and Mortgage Servicers of Assistance Options Following Recent Tornadoes in Central and Southern States

Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) is providing crucial mortgage assistance and disaster relief for homeowners and renters affected by recent tornadoes across several states including Kentucky and Tennessee. Mortgage servicers can offer 90 days of forbearance and homeowners may suspend payments for up to a year without incurring late fees. Fannie Mae's Disaster Response Network™ offers personalized recovery plans and guidance for financial relief. Homeowners on COVID-19 forbearance plans can also explore assistance options. For help, call 877-542-9723 or visit KnowYourOptions.com.

Positive

• Offers mortgage assistance to affected homeowners and renters.
• Servicers can provide 90 days of forbearance without contact.
• Homeowners may suspend payments for up to 12 months without late fees.

Negative

• None.

WASHINGTON, Dec. 14, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is reminding homeowners and renters impacted by the recent tornadoes in communities across Kentucky, Missouri, Illinois, Tennessee, Arkansas, and Mississippi 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 forbearance 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 payment break, homeowners will not incur late fees and foreclosure and other legal proceedings are suspended.
• Following the payment break, 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 the tornado 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™*, including:

• 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 from experienced disaster relief advisors.

"The health and safety of those impacted by the recent tornadoes is paramount," said Cyndi Danko, Chief Credit Officer, Single-Family, Fannie Mae. "Fannie Mae is committed to ensuring assistance is available to homeowners and renters in need and we encourage residents to seek housing assistance as soon as possible. Homeowners should contact their mortgage servicers to discuss forbearance options, and both homeowners and renters can learn more about disaster relief resources 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 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 people in America. We partner with lenders to create housing opportunities for people 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 is available for FNMA homeowners affected by tornadoes?

Fannie Mae offers mortgage assistance, including forbearance for up to 12 months and guidance through its Disaster Response Network.

How can FNMA renters seek assistance after the tornadoes?

Renters can contact Fannie Mae's Disaster Response Network for personalized support and resources.

What states did the recent tornadoes impact according to FNMA?

The tornadoes impacted Kentucky, Missouri, Illinois, Tennessee, Arkansas, and Mississippi.

How can I contact Fannie Mae for disaster assistance?

Homeowners can call 877-542-9723 or visit KnowYourOptions.com for assistance.

What is the forbearance period offered by FNMA?

Fannie Mae allows forbearance for up to 90 days and potential suspension of mortgage payments for up to 12 months.