Fannie Mae: Mortgage Assistance Options for Areas Affected by Hurricane Michael
Investor Update
October 10, 2018
Source: Fannie Mae
WASHINGTON, DC – Fannie Mae (FNMA/OTC) is reminding those impacted by Hurricane Michael of the options available for mortgage assistance. Under Fannie Mae’s guidelines for single-family mortgages:
- Homeowners impacted by Hurricane Michael are eligible to stop making mortgage payments for up to 12 months, during which time they:
- will not incur late fees during this temporary payment break
- will not have delinquencies reported to the credit bureaus
- Servicers are authorized to suspend or reduce a homeowner’s mortgage payments immediately for up to 90 days without any contact with the homeowner if the servicer believes the homeowner has been affected by a disaster. Payment forbearance of up to 12 months is available in many circumstances.
- Servicers must suspend foreclosure and other legal proceedings if the servicer believes the homeowner has been impacted by a disaster.
“It is important for those in the path of the storm to focus on their safety as they deal with the potential impact of Hurricane Michael,” said Carlos Perez, Senior Vice President and Chief Credit Officer at Fannie Mae. “Fannie Mae and our lending and servicing partners are focused on ensuring assistance is offered to individuals and families in need. We also are focused on working with our Multifamily DUS® lenders and borrowers to determine appropriate actions to assist renters impacted by the storm. We urge everyone in the area to be safe, and we encourage homeowners affected by the storm to contact their mortgage servicer for assistance as soon as possible.”
Homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE (1-800-232-6643). For more information, please visit www.knowyouroptions.com/relief.
