|
WASHINGTON, DC -- Fannie Mae (FNM/NYSE) has
mortgage relief provisions in place for Florida borrowers facing
hardships as a result of widespread flooding and damage caused in
Florida by Hurricane Wilma.
With Fannie Mae's disaster relief provisions,
lenders make individual case-by-case evaluations as to the
appropriate relief measures needed and can help borrowers in
several ways, including suspending mortgage payments for up to
three months, reducing the payments for up to 18 months, or in more
severe cases, creating longer loan payback plans. Such assistance
is designed to meet the individual needs of borrowers.
Fannie Mae's servicing guidelines also advise
lenders to counsel borrowers on all possible mortgage payment
work-out options, and to inform homeowners of disaster relief
available from federal agencies. Payment relief is available for
single-family mortgages (including condos) serviced by Fannie Mae
lenders in areas affected by the hurricane. Holders of Fannie Mae
mortgage securities will be paid as usual during the relief
period.
Mortgage lenders doing business with Fannie
Mae will, according to Fannie Mae's guidelines, determine
appropriate relief steps by considering:
- any uninsured losses;
- extended unemployment; and
- extraordinary expenses related to the storms
that affect mortgage payments.
For information on mortgage relief,
homeowners who have experienced hardships should contact the lender
to whom they send their monthly mortgage payment.
Fannie Mae October 28th News
Release
|
