Homeowners, mortgage servicers reminded of options for wildfire areas

Fannie Mae is reminding those affected 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 threemonth intervals (up to 12 months); they will not incur late fees during this temporary payment break and 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. Additional 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 impacted by the devastating California wildfires,” said Carlos Perez, senior vice president and chief credit officer at Fannie Mae. “We urge people to stay safe during this challenging time. If homeowners have been impacted by the fires, we encourage them to call their mortgage servicer for assistance as soon as possible.”

Homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE (1-800-2326643). For more information, visit www.knowyouroptions.com/relief.

Fannie Mae helps make the 30-year fixedrate mortgage and affordable rental housing possible for millions of Americans. It partners with lenders to create housing opportunities for families across the country. To learn more, visit fanniemae.com and follow twitter.com/fanniemae.