"Freddie Mac said the assistance will be determined on a loan-by-loan basis. The government-sponsored enterprise also urged servicers to suspend foreclosure and eviction proceedings for up to one year, waive late fees and penalties, and not report the forbearance or delinquency caused by the disaster."HUD: 90 day forbearance on loans and foreclosures backed by FHA Fannie Mae: No news yet about the April 28th tornadoes, but this is what I found after the April 7th 2006 tornadoes. I think the policies will be the same:
"Using Fannie Mae's servicing guidelines, which outline disaster relief provisions, lenders make individual case-by-case evaluations as to the appropriate relief measures needed and can help borrowers in several ways, including suspending mortgage payments for up to three months, reducing the payments for up to 18 months, or in more severe cases, creating longer loan payback plans. Such assistance is designed to meet the individual needs of borrowers."For Wells Fargo, Bank of America, Regions Bank, etc., I have not yet found any specific public announcements. Please contact your lender ASAP if you were affected by the tornadoes. Even if your home was not damaged, your income might have been affected for some time into the future. Regions, for example, says it "is providing assistance to customers and businesses in storm affected areas. These include special loan offers, waivers on penalties for CD withdrawals, deferred payments on some loans and discounts on new business loans."
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