To help you get answers to your hurricane-related questions, we've compiled a list of answers to frequently asked questions as a result of the recent hurricanes.
- How can we get assistance with our mortgage?
If your home or place of employment has been impacted by a recent hurricane(s) and your mortgage is owned by Freddie Mac, contact your mortgage company to discuss your mortgage relief options.
- How can we find out if our mortgage is owned by Freddie Mac?
- How long can I suspend my mortgage payments?
Your mortgage company is authorized to initially suspend your mortgage payments (called a "forbearance") for 90 days and this may be extended up to 12 months, or longer, as needed. Please remember to stay in contact with your mortgage company to ensure you receive the right length of forbearance for your situation.
- Our home was impacted during the storm and my mortgage company told me I'm eligible for a forbearance. What is this?
A forbearance is intended for families facing a short-term hardship to allow them to get back on their feet. A forbearance temporarily reduces or suspends your mortgage payments initially for 90 days, and, if necessary, up to 12 months or longer. During a forbearance period, your mortgage company may not assess late fees and any/all credit activity will not be reported to the credit bureaus.
- Are there specific requirements we must meet to get mortgage relief?
If your home or place of employment is located in a federally declared disaster area that's been identified by FEMA as being eligible for individual assistance and Freddie Mac owns your mortgage, you are eligible for mortgage relief that will allow you to suspend your mortgage payments for up to 12 months. If your home or place of employment is not located in a federally declared disaster area, but you have been impacted by a storm or disaster, please contact your mortgage company as you may be eligible for our standard assistance options, which include forbearance.
- What happens when my mortgage relief period ends?
As the end of your forbearance period approaches, your mortgage company will work with you to determine the most appropriate option for which you are eligible, including:
- Reinstatement – involving full repayment of the missed payments,
- Repayment Plan – where you pay an additional amount with your monthly payment, eventually repaying the missed payments, and
- Loan Modification – where your missed payments are added into your mortgage balance, allowing for your repayment over a longer period of time without an increase in your monthly payment
These options allow you to re-establish your mortgage payments when your financial situation has stabilized. Please talk with your mortgage company about your best option about one-month before the end of your forbearance period.
- Who can I call for help with temporary housing, food and financial assistance?
There are many organizations you can contact to help you with your recovery, including the Homeowner's HOPE hotline at 1888-HOPE.
- Where can I apply for FEMA assistance?
You can apply for FEMA assistance https://www.disasterassistance.gov/.
Follow our 2017 Hurricane Help blog series, for important information that you need to get help.
If Freddie Mac owns your mortgage and you live, or are employed, in a FEMA–declared disaster area with individual assistance available, your mortgage company can suspend your mortgage payments for up to 12 months. Learn more.
Have a comment or question about this post? Email us to let us know what's on your mind.