RISMEDIA, June 19, 2008-Fannie Mae, has mortgage relief provisions in place for borrowers facing hardships as a result of the floods that began June 6 and have caused widespread destruction and damage throughout several Midwestern states, including Iowa, Indiana and Wisconsin.
Using Fannie Mae’s single-family servicing guidelines on disaster relief, lenders are to evaluate each individual case to determine the appropriate relief measures needed if borrowers are unable to make their mortgage payments. These may include suspending or reducing the borrower’s mortgage payments for up to six months and/or offering mortgage loan repayment plans that may extend for up to 18 months. Such assistance is designed to meet the individual needs of single-family mortgage borrowers.
Fannie Mae’s servicing guidelines also advise lenders to counsel borrowers on the availability of appropriate relief provisions, and to inform borrowers of disaster relief available from federal agencies. Payment relief may be available for single-family mortgages (including condominiums) serviced by Fannie Mae lenders in areas affected by the floods.
In addition, Fannie Mae, through its Office of Community and Charitable Giving, announced a $25,000 grant to the American Red Cross to help them provide emergency shelter, food, and assistance.
Helping borrowers take care of their existing home and mortgage obligation continues to be the most important work for our customers and for Fannie Mae. Homeowners who have experienced disaster hardships should contact the lender to whom they send their monthly mortgage payment.
For more information, visit www.fanniemae.com.
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