Fannie Mae Reminds Residents and Mortgage Servicers of Assistance Options for Areas Affected by Tropical Storm Barry

Fannie Mae Reminds Residents and Mortgage Servicers of Assistance Options for Areas Affected by Tropical Storm Barry

WASHINGTON (STL.News) – Fannie Mae (OTCQB: FNMA) is reminding those impacted by Tropical Storm Barry of available mortgage assistance and disaster relief options. Under Fannie Mae’s guidelines for single-family mortgages:

Homeowners affected by disaster are often eligible to stop their mortgage payments for up to 12 months
Mortgage servicers are authorized to suspend or reduce a homeowner’s mortgage payments immediately for up to 90 days – even without establishing contact – if the servicer believes the homeowner was affected
During this temporary payment break:
Homeowners will not incur late fees
Credit bureau reporting is suspended
Foreclosure and other legal proceedings are suspended
When payments resume, a loan modification may help maintain the pre-disaster payment amount
Homeowners may request mortgage assistance by contacting their mortgage servicer following a disaster
Fannie Mae also offers help navigating the broader financial effects of disaster to homeowners with a Fannie Mae-owned mortgage through its Disaster Response Network*, including:

A needs assessment and personalized recovery plan
Help requesting financial relief from FEMA, insurance, servicers, and other sources
Web resources and ongoing guidance from experienced disaster relief advisors
Homeowners can call 877-833-1746 to access Fannie Mae’s Disaster Response Network™* or other available resources.

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