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In the wake of the damage and disruptions caused in Texas, Florida and other parts of the Deep South by Hurricanes Harvey and Irma, some people are finding it difficult to make their regular mortgage payments. Thankfully, most — if not all — lenders are willing to work with customers affected by natural disasters like these.
Department Housing and Urban Development spokesman Jerry Brown has said that anyone whose loan is backed by Freddie Mac or Fannie May is eligible for some kind of relief, including suspending payments for up to 12 months or waiving late fees and penalties, according to WTSP.
You can use the following tools to find out if your loan qualifies:
Fannie Mae loans: https://www.knowyouroptions.com/loanlookup
Freddie Mac loans: https://ww3.freddiemac.com/loanlookup/
Homeowners who have loans backed by the Federal Housing Administration (FHA loans) are also eligible for relief, but you will need to call your individual lender to discuss your options.
So, even though the guidelines allow for relief for impacted consumers for up to a year, not all lenders are forthcoming in presenting that option — if you are dealing with one of those, money expert Clark Howard says you have to push them to get the time you need to get your finances in order.
If your mortgage is held by another company and not backed by Freddie Mae, Freddie Mac or The FHA, there are not any federal laws or regulations that require them to offer disaster relief.
However, most companies are offering borrowers in the hardest hit areas more time to make their payments — called forbearance — waiving certain fees, or some combination of the two. Depending on your bank, you may need to live in a place that’s been designated as a disaster area by the Federal Emergency Management Agency, but not all banks are requiring that if you’ve been affected by one of the storms. To check to see if you are in a disaster area, please visit DisasterAssistance.gov.
Keep in mind that whatever solution you arrive at with your bank, you will still ultimately be responsible for your payments and any interest that accrues.
The bottom line, though, is that in almost all cases you must contact your lender if you want to be considered for relief. Here, we include as much information as we have on what the biggest lenders in the U.S. are offering, as well as ways to get in touch with them.
For relief, contact: (888) 818-9147
For more information: Disaster Assistance and Property Damage Support site
For relief, contact: (888) 356-0023
For more information: Hurricane assistance
For relief, contact: (800) 508-0944, option 8
For more information: Helpful Resources for People Impacted by Hurricane Season
For relief, contact: (800) 777-4001
For more information: Property Damage & Payment Assistance
For relief, contact: (800) 283-7918
For more information: Hurricane Relief (PDF)
For relief, contact: (800) 968-7700
For more information: Emergency Relief Center
For relief, contact: (866) 258-6572
For more information: Hurricane Disaster Relief Information (PDF)
This post was last modified on September 21, 2017 11:42 am
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