Fannie Mae Reminds Residents and Mortgage Servicers of Assistance Options for Borrowers Affected by Hurricane Laura and the California Wildfires

Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) has announced mortgage assistance options for homeowners affected by Hurricane Laura and the California Wildfires. Homeowners can request relief from their mortgage servicer, who can suspend or reduce payments for up to 90 days, with the possibility of extending assistance for up to 12 months. No late fees will be incurred, and foreclosure proceedings will be halted during this period. Additionally, Fannie Mae's Disaster Response Network offers support for navigating financial recovery. Homeowners and renters can access these resources by calling 877-833-1746.

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• Mortgage servicers can suspend or reduce payments for up to 90 days.
• Homeowners may reduce or suspend mortgage payments for up to 12 months without incurring late fees.
• Foreclosure and legal proceedings are suspended during the payment break.
• Disaster Response Network provides personalized recovery plans and assistance with financial relief.

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• None.

WASHINGTON, Aug. 26, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is reminding those impacted by Hurricane Laura and the California Wildfires 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 following a disaster
• Mortgage servicers are authorized to suspend or reduce a homeowner's mortgage payments for up to 90 days – even without establishing contact – if the servicer believes the homeowner was affected
• Homeowners affected by 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
• Foreclosure and other legal proceedings are suspended
• There are a number of options available to potentially help homeowners catch up on missed payments

In addition, homeowners currently on a COVID-19-related forbearance plan who are subsequently impacted by the storm or fires should contact their mortgage servicer to discuss options.

Fannie Mae also offers help navigating the broader financial effects of a disaster to homeowners with a Fannie Mae-owned mortgage and renters living in Fannie Mae-financed properties through its Disaster Response Network*, including:

• A needs assessment and personalized recovery plan
• Help requesting financial relief from FEMA, insurance, and other sources
• Web resources and ongoing guidance from experienced disaster relief advisors

Homeowners and renters can call 877-833-1746 to access Fannie Mae's Disaster Response Network™* or other available resources.

"We are monitoring these situations, and we urge those in the path of the storm and fires to focus on their safety first as they prepare for the potential impact of these events," said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae. "Along with our lending and servicing partners, Fannie Mae is committed to ensuring assistance is available to homeowners and renters in need. We encourage residents whose homes, employment, or income are impacted by this storm and fires to seek available assistance as soon as possible."

*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 Americans. We partner with lenders to create housing opportunities for families 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 mortgage assistance does Fannie Mae offer for Hurricane Laura and California Wildfires?

Fannie Mae offers mortgage assistance that includes the potential suspension or reduction of payments for up to 90 days and the option to reduce or suspend payments for up to 12 months.

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

Homeowners can access the Disaster Response Network by calling 877-833-1746 for resources and support.

Are late fees incurred during the mortgage payment suspension?

No, homeowners will not incur late fees during the suspension period.

What happens to foreclosure proceedings during the disaster assistance period?

Foreclosure and other legal proceedings are suspended during the mortgage payment break.

How can Fannie Mae help renters affected by disasters?

Fannie Mae offers resources through its Disaster Response Network to help renters in Fannie Mae-financed properties navigate financial recovery.