If you work in a place that has been hit by recent natural disasters — Hurricane Sally and the wildfires in California, Oregon, and Washington — homeowners in your area may benefit from disaster relief policies from Freddie Mac and Fannie Mae.
According to Fannie Mae’s guidelines for single-family mortgages impacted by a natural disaster, homeowners could get their payments suspended or reduced for up to 90 days. Some may be eligible for reduction or suspension of payments for up to 12 months.
During the payment break, such homeowners won’t face late fees and foreclosures, and other legal proceedings will be suspended.
Learn more by calling Fannie Mae’s Disaster Response Network at 877-833-1746.
Freddie Mac is offering similar relief (https://bit.ly/3kzBtj2), suspending foreclosures by providing forbearance for up to 12 months and waiving assessments of penalties or late fees for affected homeowners.
Eligible homeowners should contact their mortgage servicer to discuss their options.