Fannie Mae: Homeowners, Servicers Hit By Ida Have Options – NMP Skip to main content

Fannie Mae: Homeowners, Servicers Hit By Ida Have Options

Aug 30, 2021
Fannie Mae HQ

Mortgage Servicers Can Offer Forbearance For Up To 90 Days, Even Without Contact With Borrower

KEY TAKEAWAYS
  • There are several options available to potentially help homeowners catch up on missed payments, including Disaster Payment Deferral.
  • During this temporary payment break, homeowners will not incur late fees, and foreclosure and other legal proceedings are suspended.

Fannie Mae today issued a reminder about the mortgage-assistance and disaster-relief options that are available to homeowners and mortgage services affected by Hurricane Ida.

Under Fannie Mae's guidelines for single-family mortgages impacted by a natural disaster:

  • Homeowners may request mortgage assistance by contacting their mortgage servicer following a disaster.
  • Mortgage servicers are authorized to offer forbearance 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, and foreclosure and other legal proceedings are suspended.

There are several options available to potentially help homeowners catch up on missed payments, including Disaster Payment Deferral. In addition, homeowners currently on a COVID-19-related forbearance plan who are subsequently affected by the storm should contact their mortgage servicer to discuss options.

Fannie Mae also offers help navigating the broader financial effects of a disaster to homeowners with a Fannie Mae-owned mortgage and renters living in Fannie Mae-financed properties through its Disaster Response Network, including:

  • A needs assessment and personalized recovery plan.
  • Help requesting financial relief from FEMA, insurance, and other sources.
  • Web resources and ongoing guidance from experienced disaster relief advisors

Homeowners and renters can call 877-833-1746 to access Fannie Mae's Disaster Response Network or other available resources free of charge.

"We urge everyone in the path of the storm to focus on their safety," said Cyndi Danko, Fannie Mae’s vice president, single-family risk management. "Fannie Mae is committed to ensuring assistance is available to homeowners and renters in need and we encourage residents impacted by this storm to seek assistance as soon as possible."

About the author
David Krechevsky was an editor at NMP.
Published
Aug 30, 2021
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