Fannie Mae (FNMA/OTC) is reminding those impacted by the California wildfires of the options available for mortgage assistance. Under Fannie Mae’s guidelines for single-family mortgages:
- Homeowners impacted by the California wildfires are eligible to stop making mortgage payments for up to 12 months, during which time they:
- will not incur late fees during this temporary payment break
- will not have delinquencies reported to the credit bureaus
- Servicers are authorized to suspend or reduce a homeowner's mortgage payments immediately for up to 90 days without any contact with the homeowner if the servicer believes the homeowner has been affected by a disaster. Payment forbearance of up to 12 months is available in many circumstances.
- Servicers must suspend foreclosure and other legal proceedings if the servicer believes the homeowner has been impacted by a disaster.
“Our thoughts are with the families and communities affected by these devastating California wildfires,” said Carlos Perez, Senior Vice President and Chief Credit Officer at Fannie Mae. “Fannie Mae and our lending and servicing partners are focused on ensuring mortgage assistance is available during this challenging time. It is important for those in the area to focus on their safety, first and foremost, and we encourage homeowners impacted by the fires to contact their mortgage servicer for assistance as soon as possible.”
Homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE (1-800-232-6643). For more information, please visit www.knowyouroptions.com/relief.
In addition, for those wishing to donate please make sure you donate to legitimate charities. There are already several fake/scam charities out there for the fires. Donate to established companies like the Red Cross. In addition, if you have furniture you no longer need, consider a place like Re-Store, the Salvation Army or Goodwill. Not only will you get a write-off, but you help those impacted by the fires as well as the charities that those stores support.