Fires are still burning in Southern California, threatening and destroying homes in their paths. The latest outbreak has forced evacuations of thousands of people about 45 miles northwest of Los Angeles.
Fannie Mae, meanwhile, has announced a comprehensive set of mortgage assistance and disaster relief options for affected homeowners and renters. The initiative is aimed at providing support to those grappling with the aftermath of the natural disaster.
Cyndi Danko, senior vice president and chief credit officer for Single-Family at Fannie Mae, said Fannie Mae is closely monitoring the situation and remains committed to assisting people affected by the fires. She urged residents to reach out to their mortgage servicers promptly for help.
Fannie Mae has outlined several relief measures under its guidelines for single-family mortgages affected by disasters. Homeowners can request mortgage assistance by contacting their mortgage servicer, as listed on their mortgage statement.
12-month forbearance plan
Affected homeowners may be eligible to reduce or suspend their mortgage payments for up to 12 months through a forbearance plan, during which late fees and foreclosure proceedings are halted.
In cases where direct contact with homeowners is not possible, mortgage servicers are authorized to offer a 90-day forbearance plan if they believe the property has been impacted by the disaster. In the period after forbearance, homeowners have options such as Disaster Payment Deferral and Fannie Mae Flex Modification to address any delinquencies without requiring a lump sum payment.
Fannie Mae also provides disaster recovery counseling services, accessible by calling 855-HERE2HELP (855-437-3243) or visiting their website. These services are free and delivered by HUD-approved housing counselors, offering personalized recovery plans, assistance with financial relief applications, and ongoing guidance for up to 18 months. Support is available in multiple languages to cater to diverse communities.