Fannie Mae Hurricane Sandy Mortgage Relief
Those homeowners who have been hit and suffered damages by the Hurricane Sandy, can be eligible for some financial mortgage payments relief by Fannie Mae. The Hurricane Sandy caused damage all across the Eastern coast. Thousands have suffered home damages and income fall backs.
Fannie Mae offers some mortgage payments relief for those who may need the helping hand.
Servicers may immediately grant a borrower who has been affected by Sandy relief for 90 days in order to determine the facts of their situation. Early next week, Fannie Mae will issue guidance to servicers to expand the options they can offer to homeowners. For any homeowner who has suffered damage to their home or experienced a disruption in income as a result of Hurricane Sandy, servicers are authorized to take the following measures:
- Extend forbearance for up to 12 months, where appropriate;
- Provide loan modifications, once the homeowner is able to resume monthly mortgage payments;
- Waive any late payment charges;
- Suspend credit reporting for any homeowner for whom relief is granted; and
- Delay the initiation of any foreclosure action to determine the condition of the property and the borrower’s employment and income status.
Fannie Mae is implementing a 90-day foreclosure sale suspension and a 90-day eviction suspension for properties located within FEMA designated disaster areas eligible for individual assistance (those areas can be found at http://www.fema.gov/disasters). Check more at the Fannie Mae news release.
Fannie Mae Underwriting & Property Valuation Extended
One more mortgage issue , is that the underwriting procedures and the home and private property valuation have received an additional six month extent, in the location where the Hurricane Sandy had caused it’s disaster pass.
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