Mortgage relief coming for disaster victims

It is a great news for Superstorm Sandy victims especially for those people buying a house that being damage on that disaster. US government agencies and major lenders has plans to offer them breaks on mortgage payments and other types of financial assistance. Federal Home Loan Mortgage Corp and Federal national Mortgage Association told that the lenders will offer assistance to borrowers whose homes were damaged or those lost income as a result of the storm.

Borrowers with loans backed by Freddie Mac from FMCC will be able to delay their mortgage payments for up to one year. Borrower will have to document of their losses with proof. The Fannie(FNMA) will suspend or reduce homeowners payments for up to 90 days for the victims . The services can grant borrowers additional time after evaluating the loss. This 2 mortgage giant company back about 70% of all U.S home loans and offer other assistance such as waiving late fees and postponing foreclosures for up to 12 monts.
The Department of Housing and Urban Development authorized a 90 day moratorium on foreclosures for loans insured by the Federal Housing Administration (FHA).

Private lenders, JPMorgan Chase, Citibank and Wells Fargo also offering to postpone payments for up to 90 days for their customers. Citibank suspend the foreclosure sales within federally designated disaster areas for 90 days and waiving late payment charges for borrowers unable to get mortgage payments in on time. Wells Fargo also urged customers to discusss mortgage payment arrangements with handling property insurance loss claims. The Small Business Administration also provide loans to both homeowners and renters affected by the storm and recipients don’t have to be small businesses.
There are about 212,000 homes with FHA-insured mortgages in Tri-State areas that have been declared disaster zones, which are eligible for assistance if they sustained damage.

Money CNN

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