This week Fannie Mae announced details of their plan to help borrowers impacted by the coronavirus pandemic. Their plan can help borrowers unable to make mortgage payments and can reduce or suspend mortgage payments and eliminate late fees up to 12 months. They are also able to suspend reporting to credit bureaus about past due payments.
Additionally, they will be suspending evictions and foreclosures for 60 days.
They can also provide broader financial planning help with a needs assessment and personalized recovery plan. 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/covid19assistance.
Fannie Mae Assistance Options for Homeowners Impacted by COVID-19
March 18, 2020
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) wants to help ensure families are given options in these uncertain times in the case of job loss, a reduction in work hours, illness, or other issues. We want to remind those impacted by COVID-19 of available mortgage assistance and relief options. Under Fannie Mae’s guidelines for single-family mortgages:
Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer
Foreclosure sales and evictions of borrowers are suspended for 60 days
Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
Homeowners in a forbearance plan will not incur late fees
After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification
Fannie Mae also offers help navigating the broader financial effects of this national emergency to homeowners with a Fannie Mae-owned mortgage through its Disaster Response Network*, including:
A needs assessment and personalized recovery plan
Help requesting financial relief from insurance, servicers, and other sources
Web resources and ongoing guidance from experienced disaster relief advisors
Homeowners can find out if they have a Fannie Mae-owned mortgage and access to the Disaster Response Network™* by visiting www.KnowYourOptions.com/loanlookup.
“Our thoughts are with everyone who may be impacted by COVID-19 and we urge you to stay safe and well during these unprecedented times. Fannie Mae, along with our lending and servicing partners, is committed to ensuring assistance is available to homeowners in need. We encourage residents whose employment or income are impacted by COVID-19 to seek available assistance as soon as possible,” said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae.
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/covid19assistance.