Fannie Mae Rushes to Help Those Affected Due To the Recent Disaster

Fannie Mae is reminding homeowners and renters who were impacted by the recent tornadoes of the mortgage assistance and disaster relief options available to them.

In the event of a disaster, homeowners may request mortgage assistance by contacting their mortgage servicer.

If the mortgage servicers trust the home was affected by the disaster then they can approve forbearance for up to 90 days even without contacting the homeowner.

Those homeowners who are affected by a disaster qualify for a reduced or suspended mortgage payment for up to 1 year.

During this period, the homeowners escape late payment charges, and the foreclosure and other legal proceedings also get suspended.

Along with the payment break, Disaster Payment Deferral is another option available to homeowners.

Along with the pandemic-related forbearance plan homeowners who were subsequently impacted by the tornado can qualify for assistance and need to contact their mortgage servicer to discuss options.

The Chief Credit Officer, Single-Family, Cyndi Danko, at Fannie Mae, said that they are committed to ensuring that assistance is available to homeowners and renters who are in need and the residents are encouraged to seek the assistance at the earliest.

Reference Source: My Leader Paper

https://www.compareclosing.com/mortgagenews/fannie-mae-rushes-to-help-those-affected-due-to-the-recent-disaster/

Comments

What is an Appraisal Contingency? — Best Guide for Homebuyers

About Appraisal Contingency If a home is appraised for less than the purchase price included in the contract then there is a provision that is included in the purchase contract allowing homebuyers to back out of their contract this is termed as an appraisal contingency clause. Buyers who use financing to buy a house or are buying homes in areas where prices are volatile commonly use Appraisal contingencies. How do Appraisal Contingencies work? Purchase offers have appraisal contingencies inserted into them to notify the seller that the buyer intends to have the property appraised as part of their purchase for the financing process. If th e property doesn’t appraise for the amount the buyer offered to pay then this contingency allows them the option of backing out of the contract without losing their earnest money deposit or facing other penalties. During an appraisal, a licensed professional is hired by the homebuyer to examine the property and evalu...

Public Feedback Requested By CFPB

The Home Mortgage Disclosure Act underwent certain changes and to evaluate whether it is meeting the stated goals of detecting discrimination in mortgage lending the Consumer Financial Protection Bureau is seeking comments. The CFPB requests for assessment of the mortgage disclosure law and checks if it meets the objectives of the Dodd-Frank Act . To abolish discrimination in mortgage lending in 1975 the Congress enacted . The bureau said the request comes after an August report found that mortgage lenders as compared to white applicants were charging higher interest rates and denying credit to Black and Hispanic applicants. The bureau said that with this evaluation the CFPB will be able to maintain a fair, competitive, and non-discriminatory mortgage market. They added that the assessment is an opportunity for the Bureau to get an idea if the earlier HMDA rulemakings have improved upon the data collected, thereby reducing loans on financial institutions,...

What is Fannie Mae and Freddie Mac?

Understanding Fannie Mae And Freddie Mac What is Fannie Mae and Freddie Mac? Fannie Mae or FNMA is a nickname for Federal National Mortgage Association. It was established in 1938. It is a Government-sponsored Enterprise (GSE). In 1968, Fannie Mae ceased to exist as a government entity and became quasi-governmental, federally charted corporation to buy mortgages other than those insured by the Federal Housing Administration, otherwise known as FHA. Freddie Mac or FHLMC is a nickname for Federal Home Loan Mortgage Corporation. Freddie Mac is also a government-sponsored enterprise (GSE) which was brought into existence in the year 1970 by the Congress. It provides competition to Fannie Mae and provides funds availability in the secondary mortgage market. What is Fannie Mae's and Freddie Mac's Role? Fannie Mae’s purpose is to create a secondary market for the purchase and sale of mortgages. The secondary mortgage market ...

How to Use Home Equity for Remodeling Projects

Important Guide How to Use Home Equity Everyone has to live somewhere and, everyone has to invest their money in someplace. So what happens when where you live, meets up with where your money is invested? Today we are going to discuss on how to use home equity for remodeling projects and things to know before using it for remodeling. For most homeowners, it is a choice between paying cash or borrowing against the equity that they have build up in their home. HELOC Or HEL? Interest rates are still significantly low, and we are not sure how long they are going to stay that way. And home values are still rising at least on average. So taking out a home equity line of credit (HELOC) or a Home equity loan (HEL) may seem like a sensible financial move. Not always the case We have explained the difference between the HELOC and HEL in our blog post “ About Home Equity Loan / Home Equity Line Of Credit .” It depends on the individual’s n...

COMPARE CLOSING LLC

Search This Blog