Disaster Relief Options for Hurricane Milton Victims
Original Source: FNMA
Fannie Mae Reminds Homeowners and Renters of Disaster Relief Options for Hurricane Milton
Fannie Mae is urging homeowners, renters, and mortgage servicers affected by natural disasters, especially Hurricane Milton, to take advantage of available mortgage assistance and disaster relief options. This guidance comes at a crucial time when many are still coping with the impacts of Hurricane Helene.
Support for Homeowners and Renters
Cyndi Danko, Senior Vice President and Chief Credit Officer of Fannie Mae's Single-Family division, stated, “This is a devastating time for many affected by Hurricane Milton. We encourage those experiencing hardship due to the storm to reach out to their mortgage servicer about available payment relief options as soon as possible.” Homeowners and renters can access additional resources, including personalized support, by contacting Fannie Mae’s free disaster recovery counseling services. To receive assistance, homeowners and renters should call 855-HERE2HELP (855-437-3243) or visit the Fannie Mae website for more information.
Mortgage Assistance Guidelines
Fannie Mae has established guidelines for homeowners dealing with disasters. Here’s what you need to know:
- Contact Your Mortgage Servicer: Homeowners should reach out to their mortgage servicer (the company listed on their mortgage statement) after a disaster to request assistance.
- Forbearance Plans: Those affected may be eligible to reduce or suspend mortgage payments for up to 12 months through a forbearance plan. During this time, homeowners will not incur late fees, and foreclosure proceedings will be halted.
- Emergency Forbearance: If a servicer cannot establish contact with the homeowner, they can offer a forbearance plan for up to 90 days if they believe the home was affected by the disaster.
- COVID-19 Related Forbearance: Homeowners currently on a COVID-19 forbearance plan who are also impacted by a disaster should contact their mortgage servicer to explore additional assistance options.
Accessing Disaster Recovery Resources
Homeowners and renters can find essential disaster recovery resources on the Fannie Mae website. They also provide counseling to navigate the broader financial effects of a disaster through their helpline 855-HERE2HELP (855-437-3243). This assistance is offered at no cost and is provided by HUD-approved housing counselors who specialize in disaster recovery. Services include:
- Personalized needs assessments and recovery plans.
- Assistance with financial relief requests from FEMA, insurance companies, and other sources.
- Ongoing guidance for up to 18 months.
- Services available in multiple languages.
Partnering with Innovative Mortgage
At Innovative Mortgage, we understand the challenges that your clients face as homeowners, especially in the wake of natural disasters like Hurricane Milton. Our team is here to help you guide your clients through the process of recovery ensuring they have all the available resources and options. Want to originate loans with Innovative Mortgage? Check out our platform here.