Disaster Relief

Freddie Mac: Homeowners Affected By Ida Have Relief Options

Posted on by TMN Editor
Freddie Mac has confirmed that homeowners and mortgage servicers impacted by Hurricane Ida are eligible for disaster relief options. Hurricane Ida made landfall in Louisiana Monday, leaving about one million homes and businesses without power. Federal officials said it could be weeks before power is fully restored.  The storm slammed the Gulf Coast as a Category 4 hurricane, and continued moving through Mississippi as a tropical storm. Ida has caused severe flooding, ripped roofs off buildings, and destroyed power lines. For homeowners, the impact could be catastrophic. A statement from the National Weather Service in New Orleans warned that parts of southeast Louisiana “uninhabitable for weeks or months.” On Tuesday night, Gov. John Bel Edwards (D-La.) urged those forced to…

Fannie, Freddie Offer Relief After Hurricane Delta

Posted on by TMN Editor
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 disasterMortgage 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 disasterHomeowners affected by a disaster are often eligible to reduce or suspend their mortgage payments for up to 12 monthsDuring this temporary payment break:Homeowners will not incur late feesForeclosure and other legal proceedings are suspended “Hurricane Delta will mark the fifth hurricane to hit the U.S. so…