In the wake of Hurricane Delta, Fannie Mae and Freddie Mac are reminding homeowners of the mortgage assistance and disaster relief options available to them.
Relief options include:
- Homeowners may request mortgage assistance by contacting their mortgage servicer following a disaster
- Mortgage servicers are authorized to suspend or reduce a homeowner’s mortgage payments for up to 90 days – even without establishing contact – if the servicer believes the homeowner was affected by the disaster
- Homeowners affected by a disaster are often eligible to reduce or suspend their mortgage payments for up to 12 months
- During this temporary payment break:
- Homeowners will not incur late fees
- Foreclosure and other legal proceedings are suspended
“Hurricane Delta will mark the fifth hurricane to hit the U.S. so far this season,” said Bill Maguire, Freddie Mac’s Vice President of Single-Family Servicing Portfolio Management. “Along with our mortgage servicers, Freddie Mac stands ready to provide immediate mortgage relief options to those affected by this latest natural disaster.”
Hurricane Delta hit the Gulf Coast over the weekend, the second major storm to hit Louisiana in six weeks.
“We also want to remind homeowners that support is available and encourage those in need to seek assistance by contacting their mortgage servicer or visiting Fannie Mae’s disaster recovery page on KnowYourOptions.com,” said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae.