As hurricane Irma roars toward Florida, and the Houston area tries to dry out from hurricane Harvey, Fannie
Mae is reminding those homeowners might be or already have been affected by the
storms about the options it provides for its single-family mortgage borrowers.
Homeowners who suffer damage or
displacement are encouraged to contact their servicers as soon as possible, or
to call Fannie Mae directly at 1-800-2FANNIE.
Servicers are authorized to suspend or
reduce monthly payments for up to 90 days, with additional payment forbearance
of up to 12 months in some circumstances.
Servicers can provide this assistance even if they do not hear from
homeowners if they suspect they have been affected.
“It is important for those in
the path of the storm to focus on their safety as they deal with the potential
impact of Hurricane Irma,” said Carlos Perez, Senior Vice President and
Chief Credit Officer at Fannie Mae. “Fannie Mae and our lending and
servicing partners are focused on ensuring assistance is offered to individuals
and families in need. We are monitoring the path of the storm and have provided
our Single-Family lenders and servicers and our Multifamily DUS®
lenders and borrowers with the tools and flexibility to assist impacted
borrowers, renters, and communities.”
In addition, servicers are required to
suspend foreclosures or other legal proceedings if they believe the disaster
has impacted a homeowner. Servicers will
be reimbursed for their costs for post storm inspections.
For homeowners or buyers who are concerned
about loan closing delays, Fannie Mae says credit underwriting and appraisal
documents can be up to 180 days old at the time of closing.