Fannie Mae and Freddie Mac are enacting 90-day eviction and foreclosure suspensions for homeowners in federally-declared disaster zones impacted by Hurricane Harvey.
“Our thoughts are with the families in the path of this powerful and catastrophic storm,” says Carlos Perez, senior vice president and chief credit officer at Fannie Mae. “We continue to monitor the situation in the affected areas. The storm, while weakened, continues in many areas and it is simply too early to provide any data or assessment about the scale or scope of damage resulting from Hurricane Harvey. Preliminary assessments of actual damage at this point may be inaccurate and potentially misleading. We will continue to work with our single-family servicers to communicate our policies and ensure borrowers have access to the information and resources they need to help manage their housing challenges. We also continue to work with our Multifamily DUS® lenders and borrowers to determine appropriate actions to assist renters impacted by the storm.”
“We’re committed to ensuring that homeowners receive the mortgage assistance they need to overcome the devastating tragedy of Hurricane Harvey,” says Yvette Gilmore, vice president of Single-Family Servicer Performance Management at Freddie Mac. “Once they’re out of harm’s way, homeowners should contact their servicers—the company to which they send their monthly mortgage payments. They may be eligible for forbearance on mortgage payments for up to one year if their mortgage is owned or guaranteed by Freddie Mac.”
Fannie and Freddie announced earlier this week the option for servicers to grant forbearances to Harvey victims.
Sources: Fannie Mae, Freddie Mac
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