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31 Oct 12 Disaster Relief Plans for East Coast Residents Hit by Sandy

According to Reuters yesterday, Fannie Mae and Freddie Mac announced support for disaster-relief policies to borrowers whose homes were damaged by Hurricane Sandy. This financial aid applies to home owners residing in towns and cities along the eastern United States that have been declared disaster areas by President Barack Obama.

Freddie Mac said it “strongly encourages” servicers to help affected borrowers with Freddie Mac-owned loans by suspending foreclosure and eviction proceedings for up to 12 months, waiving assessments of penalties or late fees against borrowers with disaster-damaged homes and not reporting forbearance or delinquencies caused by the disaster to credit bureaus. Fannie Mae said its policy with mortgage servicers, updated in 2009, allows borrowers to enter forbearance for up to 90-days. Fannie Mae said servicers were reminded of the existing guidelines on disaster relief in light of the recent storm.

  • Mortgage Aid for Hurricane Sandy Victims Extended from Fannie and Freddie (see http://www.bdnationwidemortgage.com/blog/index.php/2012/10/mortgage-aid-for-hurricane-sandy-victims-extended-from-fannie-and-freddie/)

To reach Fannie Mae, visit their website in regards to loan relief, call 1-800-732-6643. Call Freddie Mac at 1-800-373-3343.

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