The two federal housing finance corporations have reminded homeowners and mortgage servicers of their assistance programs for those affected by Hurricane Harvey
The two federal housing finance corporations have reminded homeowners and mortgage servicers of their assistance programs for those affected by Hurricane Harvey.
Texas has been pounded by the storm and FEMA director William Long said Sunday it was a “devastating disaster” which will take years of recovery.
Any lender can grant an initial period of forbearance to any borrower they believe is affected by the disaster and may be able to offer further periods if agreed by Fannie Mae or Freddie Mac as appropriate.
"We strongly encourage the many American families whose homes or businesses are being impacted by Hurricane Harvey to call their mortgage servicer if the Federal Emergency Management Agency's declaration is announced," said Yvette Gilmore, Freddie Mac's Vice President of Single-Family Servicer Performance Management. "Relief -- including forbearance on mortgage payments for up to one year -- may be available if their mortgage is owned or guaranteed by Freddie Mac."
Additional measures may include waiving assessments of penalties or late fees against borrowers with disaster-damaged homes; and not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus.
"At this time, it is important for those in the path of the storm to focus on their safety as they deal with the damage caused by Hurricane Harvey," said Carlos Perez, Senior Vice President and Chief Credit Officer at Fannie Mae. "The primary focus of Fannie Mae and our servicers continues to be with the homeowners who have been impacted by this disaster and to ensure assistance is offered to borrowers and communities in need."
Texas has been pounded by the storm and FEMA director William Long said Sunday it was a “devastating disaster” which will take years of recovery.
Any lender can grant an initial period of forbearance to any borrower they believe is affected by the disaster and may be able to offer further periods if agreed by Fannie Mae or Freddie Mac as appropriate.
"We strongly encourage the many American families whose homes or businesses are being impacted by Hurricane Harvey to call their mortgage servicer if the Federal Emergency Management Agency's declaration is announced," said Yvette Gilmore, Freddie Mac's Vice President of Single-Family Servicer Performance Management. "Relief -- including forbearance on mortgage payments for up to one year -- may be available if their mortgage is owned or guaranteed by Freddie Mac."
Additional measures may include waiving assessments of penalties or late fees against borrowers with disaster-damaged homes; and not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus.
"At this time, it is important for those in the path of the storm to focus on their safety as they deal with the damage caused by Hurricane Harvey," said Carlos Perez, Senior Vice President and Chief Credit Officer at Fannie Mae. "The primary focus of Fannie Mae and our servicers continues to be with the homeowners who have been impacted by this disaster and to ensure assistance is offered to borrowers and communities in need."
