Fannie Mae Reminds Homeowners, Renters, and Mortgage Servicers of Disaster Relief Options

Fannie Mae (FNMA/OTCQB) is reminding homeowners and renters impacted by natural disasters, including those impacted by the devastating wildfires in California and flooding in Kentucky, of available mortgage assistance and disaster relief options. Under Fannie Mae’s guidelines for single-family mortgages impacted by a natural disaster:

• Homeowners may request mortgage assistance by contacting their mortgage servicer (the company listed on their mortgage statement) following a disaster.
• Mortgage servicers are authorized to offer a forbearance plan for up to 90 days – even without establishing contact with the homeowner – if the servicer believes the home 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 reduction or pause in payments, homeowners will not incur late fees and foreclosure and other legal proceedings are suspended.
• Following a forbearance plan, there are a number of 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 were subsequently impacted by a natural disaster may still be eligible for assistance and should contact their mortgage servicer to discuss options.

Fannie Mae also offers help navigating the broader financial effects of a disaster to homeowners and renters through its Disaster Response Network.* The Disaster Response Network’s Department of Housing and Urban Development-approved housing counselors are trained disaster-recovery experts who will assess each caller’s unique situation and provide:

• A needs assessment and personalized recovery plan.
• Help requesting financial relief from the Federal Emergency Management Agency (FEMA), insurance, and other sources.
• Web resources and ongoing guidance for up to 18 months.

"First and foremost, we express our deepest condolences to the communities and individuals impacted by the California wildfires and Kentucky flooding, and we hope that they continue to prioritize safety," said Cyndi Danko, Chief Credit Officer, Single-Family, Fannie Mae. "Together with our servicer partners, Fannie Mae remains committed to ensuring assistance is available to those who need it, and we encourage impacted homeowners to contact their mortgage servicer as soon as possible to discuss relief options. Both homeowners and renters can learn more about disaster relief resources and receive personalized support by contacting Fannie Mae’s free Disaster Response Network."

Homeowners and renters can call 877-542-9723 to access Fannie Mae’s Disaster Response Network™* free of charge or visit KnowYourOptions.com for more information.

*Operated by Money Management International/MMI