Fannie Mae and Freddie Mac announced Wednesday that temporary assistance is available to homeowners impacted by a natural disaster, including the wildfires on the West Coast and the Hurricane Sally in the Gulf region.
Fannie and Freddie urged homeowners impacted by the disasters to contact their mortgage servicers after the disaster to determine what assistance they may be entitled to. Assistance includes suspending or reducing payments for up to 90 days, suspending foreclosures, and forbearance on mortgage payments for up to a year.
“The priority is for homeowners to get themselves and their loved ones safely out of harm’s way,” said Bill Maguire, Freddie Mac’s Vice President of Single-Family Servicing Portfolio Management. “Once out of harm’s way, homeowners whose homes or places of employment are impacted should contact their mortgage servicer—the company they send their monthly mortgage payments to— so they can learn about available relief options.”
“We are monitoring these situations, and we urge those in the path of the storm and fires to focus on their safety,” 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 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.”