Freddie Mac and Fannie Mae, mortgage industry giants, are providing significant relief for those impacted by Hurricanes Harvey and Irma.
The government backed securities announced they will offer mortgage assistance for any major disaster areas where federal individual assistance programs have been extended.
If your home or place of employment was impacted by Harvey or Irma, and Freddie Mac owns your mortgage, call your mortgage servicing company to discuss relief options.
Freddie Mac will offer impacted homeowners the following assistance:
Suspend mortgage payments for up to 12 months Waive penalties or late fees Suspend reporting mortgage delinquencies to the national credit bureaus
To find out if Freddie Mac owns your loan, click here.
Federal government extends flood insurance
Additionally, the National Flood Insurance Program was given a three-month extension until Dec. 8. Congress passed the legislation Sept. 7 and the bill was signed into law by President Donald Trump that same day.
“As the damage from Hurricane Irma unfolds, it is especially important that the men and women in the Southeast and our Caribbean territories stand strong and rest assured that this Administration will always put the needs of the American people above partisan politics as usual,” the Trump administration said in a statement.
The storms did the brunt of their damage in Texas and Florida, respectively.
“Extending the National Flood Insurance Program was a must-do item, and Congress delivered,” said William E. Brown, president of the National Association of Realtors. “That’s good news for consumers, as well as an opportunity for proponents of meaningful reform. With a short extension on their side, leaders in the House and Senate should continue work on the 21st Century Flood Reform Act to strengthen the NFIP and ensure the long-term certainty that current and future homeowners demand.”
Hurricane Harvey dumped more than 40 inches of rain in nine different locations and 51.33 inches in Cedar Bayou, TX, according to Weather.com. That rainfall total in Cedar Bayou set a U.S. continental record.
The damage from Hurricane Irma is still being assessed and the highest reported rainfall total occurred in Fort Pierce, FL which received 16 inches of rain.
The National Flood Insurance Program helps reduce the impact of flooding by offering affordable insurance policies underwritten by the federal government.