Fannie Mae Reminds Homeowners and Servicers of Mortgage Assistance Options for Areas Affected by Flooding
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) is reminding those impacted by flooding across the Missouri River Basin of available mortgage assistance options. Under Fannie Mae’s guidelines for single-family mortgages:
- Homeowners impacted by the Missouri River Basin flooding are eligible for payment forbearance of 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.
“Our thoughts are with the impacted families and communities of the Missouri River Basin as they begin to recover from this severe hardship,” said Malloy Evans, Vice President and Chief Credit Officer at Fannie Mae. “Fannie Mae wants to ensure that all those affected are aware of their mortgage assistance options. Homeowners should always prioritize safety first, but we encourage those affected by the disaster to contact their mortgage servicer to discuss assistance options 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.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 and follow us on twitter.com/fanniemae.