Preferred Loan Type

Property Type
  Property Value
Credit Rating
  Don't know your credit rating?
Click HERE to find out now!
Free Quote

Mortgage Aid for Hurricane Sandy Victims Extended from Fannie and Freddie


Some good news for distressed homeowners that were hit by Hurricane Sandy is that the government sponsored agencies, Fannie Mae and Freddie Mac have committed to offering mortgage relief . Unfortunately thousands of families will be forced to deal with the devastation of Sandy.  According to a Reuters report thousands of homes in Delaware, New Jersey and New York have been severely damaged or destroyed by the hurricane this week.

Both Fannie Mae and Freddie Mac have been pretty good about extending mortgage relief to borrowers that have been hit by natural disasters like Hurricane Sandy. If you have been struck by the disaster may be eligible for a temporary break on their mortgage payments from Fannie Mae (FNMA) 0.00% and Freddie Mac (FMCC) 0.00%.

Both Fannie and Freddie confirmed Tuesday that home loans companies that collect payments for them can extend relief to homeowners that were directly affected by the storm. According to the Wall Street Journal, the “mortgage aid will come in the form of a forbearance plan, which allows homeowners to delay payment on some or part of the loan, but the amount is still owed.”

Fannie Mae Relief: In addition, Fannie Mae announced that mortgages servicers cans temporarily suspend or reduce a homeowner’s mortgage payments for up to 90 days without reaching the homeowner. After that, homeowners may get additional aid, typically for up to a year. “We understand the disruption that a storm such as Sandy can have on people’s lives, and we’ve made it easy for our servicers to offer relief to those who need it,” said Leslie Peeler, senior vice president of Fannie’s loan servicing operations.

Look for Fannie Mae Announcements- When a major disaster like Hurricane Sandy hits home it can have adverse effects either the property value of properties and can significantly hinder the borrower’s ability to make their loan payments on time or for a period. Fannie Mae will be issue special announcements, lender letters and Notices with updates in regards to temporary relief policies in conjunction with Hurricane Sandy. To reach Fannie Mae, visit their website in regards to Fannie mortgage help for disaster victims or call 1-800-732-6643.

Freddie Mac Relief: Freddie Mac, meanwhile, said homeowners can receive a break on payments for up to a year. The company also said it encourages loan servicing companies to suspend foreclosures and evictions on borrowers for up to 12 months, waiving fees and not reporting delinquencies caused by the disaster to credit bureaus.

Call Freddie Mac at 1-800-373-3343, or read Freddie Mac’s disaster relief policies.

Be Sociable, Share!


Leave a Comment