Mortgage Assistance Options for Areas Affected by the California Wildfires
WASHINGTON, DC – Fannie Mae (FNMA/OTC) is reminding those impacted by the California wildfires of the options available for mortgage assistance. Under Fannie Mae’s guidelines for single-family mortgages:
- Homeowners impacted by the California wildfires 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.
“Our thoughts are with the families and communities impacted by the devastating California wildfires,” said Carlos Perez, Senior Vice President and Chief Credit Officer at Fannie Mae. “Fannie Mae and our servicing partners are focused on ensuring mortgage assistance is available during this challenging time. We urge everyone in the area to be safe, and we encourage homeowners affected by the fires 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.
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.