Assistance with federally backed home mortgages announced.
If you have fallen victim to Hurricane Sandy and have a mortgage loan that is backed by Fannie Mae, Freddie Mac, or the Department of Housing and Urban Development (HUD) there may be help for you.These three programs have put together some ways of helping you with your mortgage while you repair or replace your home, due to the damage from Hurricane Sandy.
For those of you who have a Freddie Mac backed mortgage, here are some options they are putting out for you, but it is case-by-case. Freddie Mac is waiving late fees and penalties and will either bring down the amount of your payment or let you not pay it for up to 12 months. They will put off the foreclosure of your home or the eviction process for up to 12 months. Lastly, they will not report any forbearance to the credit bureaus.
For those of you who have a Fannie Mae backed mortgage, their disaster relief program is similar to Freddie Mac. Like Freddie Mac, Fannie Mae will waive late payments, not report forbearance to the credit bureaus, and will put off foreclosures. Fannie Mae will also bring down the amount of your payment or let you not pay it, but for up to 6 months.
For those of you who have a HUD backed mortgage, here are some options they are putting out for you. The Department of Housing and Urban Development is offering to finance the rebuilding of your home or will let you buy another home using the 203(h) mortgage program. Another option is to use a 203(k) loan to help pay for the repairs needed for the home or to use the loan to buy another house that needs repairs.If your mortgage is backed by one of these government organizations, you may want to contact your mortgage servicer or the organization directly to find out what type of help they can give you.
Posted by Anthony Licciardello on
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