Fannie Mae Reminds Homeowners, Renters, and Mortgage Servicers of Disaster Relief Options for Those Affected by Hurricane Milton
Rhea-AI Summary
Fannie Mae (OTCQB: FNMA) is reminding those affected by Hurricane Milton of available mortgage assistance and disaster relief options. Homeowners impacted by the hurricane can request mortgage assistance from their servicer, potentially reducing or suspending mortgage payments for up to 12 months through a forbearance plan. During this period, late fees are waived and foreclosure proceedings are suspended.
Mortgage servicers can offer a 90-day forbearance plan if they believe a home was affected by the disaster, even without homeowner contact. Fannie Mae offers free disaster recovery counseling at 855-HERE2HELP (855-437-3243), providing personalized support, needs assessment, and guidance for up to 18 months. Homeowners and renters can visit Fannie Mae's website for more information on disaster relief resources.
Positive
- Fannie Mae offers mortgage payment reduction or suspension for up to 12 months for affected homeowners
- Late fees are waived and foreclosure proceedings are suspended during forbearance
- Free disaster recovery counseling provided for up to 18 months
Negative
- None.
News Market Reaction – FNMA
In the trading session that priced this news, FNMA gained 15.25%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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"This is a devastating time for many homeowners and renters impacted by Hurricane Milton, especially as some are still feeling the impacts of Hurricane Helene," said Cyndi Danko, Senior Vice President and Chief Credit Officer, Single-Family, Fannie Mae. "Once recovery efforts begin, we encourage homeowners experiencing hardship because of the storm(s) to contact their mortgage servicer about payment relief options as soon as possible. Homeowners and renters alike can learn more about disaster relief resources, including personalized support, by contacting Fannie Mae's free disaster recovery counseling services."
Homeowners and renters should call 855-HERE2HELP (855-437-3243) to access Fannie Mae's disaster recovery counseling* or visit the Fannie Mae website for more information.
Under Fannie Mae's guidelines for single-family mortgages impacted by a disaster:
- Homeowners may request mortgage assistance by contacting their mortgage servicer (the company listed on their mortgage statement) following a disaster.
- Homeowners affected by a disaster are often eligible to reduce or suspend their mortgage payments for up to 12 months by entering into a forbearance plan with their mortgage servicer. During this temporary reduction or pause in payments, homeowners will not incur late fees, and foreclosure along with other legal proceedings are suspended.
- In instances where contact with the homeowner has not been established, mortgage servicers are authorized to offer a forbearance plan for up to 90 days if the servicer believes the home was affected by a disaster.
- In addition, homeowners on a COVID-19-related forbearance plan who are subsequently impacted by a disaster may still be eligible for assistance and should contact their mortgage servicer to discuss options.
Homeowners and renters looking for disaster recovery resources may visit the Fannie Mae website to learn more about addressing immediate needs. Fannie Mae also offers help navigating the broader financial effects of a disaster to homeowners and renters through disaster recovery counseling at 855-HERE2HELP (855-437-3243).* Assistance is provided free of charge by
- A needs assessment and personalized recovery plan.
- Help requesting financial relief from the Federal Emergency Management Agency (FEMA), insurance companies, and other sources.
- Web resources and ongoing guidance for up to 18 months.
- Services available in multiple languages.
*Operated by Money Management International/MMI
About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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SOURCE Fannie Mae