Fannie Mae Reminds Homeowners and Servicers of Mortgage Assistance Options for Areas Impacted by Hurricane Irma
WASHINGTON, DC – In our ongoing efforts to support victims of natural disasters, Fannie Mae (FNMA/OTC) is reminding those in areas impacted by Hurricane Irma of the options available for mortgage assistance. Under Fannie Mae’s existing guidelines for single-family mortgages and additional guidance specific to Hurricane Irma:
- 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. Additional 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.
- Lenders and servicers will be reimbursed for the costs associated with inspecting properties impacted by the storm.
- Credit underwriting and appraisal documents can be up to 180 days old at time of closing.
- Additional guidelines for mortgage assistance options can be found here.
"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 Irma," 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 are monitoring the path of the storm and have provided our Single-Family lenders and servicers and our Multifamily DUS® lenders and borrowers with the tools and flexibility to assist impacted borrowers, renters, and communities."
Borrowers should reach out to their servicer as soon as possible for assistance. In addition, homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE. For more information, visit www.knowyouroptions.com/relief or www.fanniemae.com/Irma.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.