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The United States Congress established Fannie Mae in 1938. They were found to provide a reliable and affordable way for low-income and moderate-income borrowers to obtain a mortgage. Fannie Mae can accomplish this by enabling access to affordable mortgages regardless of the market.
This company does not originate mortgages, and they do not give money directly to a borrower. Fannie Mae is one of the leading sources of financing for mortgages in the United States. Fannie Mae buys out the lender and assists the flow of capital into the housing market by issuing and guaranteeing mortgage-related securities.
Mother nature is unpredictable, and when she is upset, not much can be done about it. It is unfortunate, but natural disasters happen all over the world every single year. They leave people homeless and destitute,. Natural disasters cause physical, mental, and emotional damage. Natural disasters often cause millions of dollars in damage to the communities they affect. More often than not, some of the damage is irreparable.
The damage caused by natural disasters such as hurricanes or tornadoes usually takes several years to clean up and fix. Some of the effects of these events last for decades after the fact, and sometimes even for a lifetime. A natural disaster is defined as a catastrophic event with atmospheric, geological, and hydrological origins that cause fatalities, property damage, and social, environmental damage.
Relief For Natural Disasters
Fannie Mae does more than just assist low and moderate-income people in purchasing the homes of their dreams. They offer disaster relief with their services as well. If you have been affected by Hurricane Ida, don’t panic. Fannie Mae is here to save the day.
Specific guidelines are implemented for single-family mortgages impacted by a natural disaster. Under their policies implemented for single-family mortgages:
- Homeowners can request assistance from their lender, bank, or mortgage servicer following a natural disaster
- Lenders are authorized to give a 90-day forbearance
- Homeowners affected by disaster can have payments suspended or reduced for up to 12 months
- During this time, the homeowner will not accumulate late fees
Several options are available to assist homeowners in catching up on late or missed payments, including disaster payment deferral. Borrowers or homeowners who are currently on a COVID19 forbearance plan impacted by the disaster should contact their lender to discuss options. Fannie Mae also assists with the broader economic effects of a natural disaster on homeowners by placing the affected persons in a Fannie Mae financed home. This is part of their Disaster Response Network.
Fannie Mae’s Disaster Response Network will help you develop a needs assessment and personalized recovery plan. You will also receive help requesting financial relief from FEMA, insurance, and other resources. They will provide you with web resources and ongoing guidance from experienced disaster relief advisors. Call 877-833-1746 to access Fannie Mae’s Disaster Response Network or other available resources free of charge.
Fannie Mae has been around for almost a century, helping people secure a mortgage and the home of their dreams. If you are struggling to obtain a mortgage, you may want to seek the services Fannie Mae has to offer. Mortgage assistance is what Fannie Mae has built a reputation and following on, but they also help offer disaster relief for those in need. If a natural disaster has recently impacted you, do not hesitate to call Fannie Mae. They have a team dedicated to disaster relief that will do everything in their power to help you or provide you with other resources completely free of charge. So what are you waiting for? The clock is ticking. Call Fannie Mae for your mortgage or disaster relief needs.