Fannie Mae Amends Natural Disaster Policy
| | Friday, September 17, 2004 @ 09:30 AM EDT
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Contributed by: Mark Reynolds
Mark Reynolds Properties
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September 15, 2004 -- Fannie Mae Press Release
Fannie Mae Amends Natural Disaster Policy to Provide Relief for Victims Affected by Hurricanes in Florida; Lets Borrowers Quickly Access Insurance Funds to Make Repairs
WASHINGTON, DC -- Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, today announced that it has expanded its previously announced assistance to victims affected by recent hurricanes in Florida by temporarily allowing mortgage servicers to quickly release insurance
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money to homeowners so they can make repairs to their property.
The temporary changes allow mortgage servicers to immediately release insurance funds up to $20,000, as long as the borrower has a contractor's estimate for the repairs, and is current, and has a good mortgage payment record.
Fannie Mae is also encouraging mortgage servicers to counsel homeowners that they should hire only licensed and qualified contractors to complete home repairs, so that they aren't victimized by unscrupulous contractors at a time when they are most vulnerable.
These relaxed guidelines complement disaster relief provisions reiterated last week to help borrowers facing hardships as a result of widespread flooding and damage caused by Hurricane Frances. Similar provisions already are in place for homeowners affected by Hurricane Charley and Tropical Storm Bonnie.
For more information on mortgage payment relief, homeowners should contact the company to which they send their mortgage payments.
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