FEMA Assistance

Available Sources From FEMA & Links To State & Local Aid: https://www.fema.gov/disaster/4856

Amid Devastating Wildfires, Lenders Offer Mortgage Relief to Affected Homeowners

As relentless wildfires ravage Los Angeles and surrounding areas for a second consecutive week, many homeowners are grappling with the dual challenge of physical devastation and financial uncertainty. In response, major lenders have announced relief measures aimed at easing the burden on affected residents.

Fannie Mae and Freddie Mac Step In

On Monday, Fannie Mae and Freddie Mac revealed mortgage assistance programs designed to provide relief to homeowners reeling from the historic Southern California fires.

Both government-backed entities are offering 12-month forbearance plans, allowing eligible homeowners to reduce or suspend their mortgage payments for up to a year. These measures ensure that borrowers won’t face late fees, foreclosure, or other legal actions during the forbearance period.

View details from Fannie Mae: https://www.fanniemae.com/newsroom/fannie-mae-news/disaster-relief-options-southern-california-wildfires

Is your loan backed by Fannie Mae? Find out here: https://yourhome.fanniemae.com/calculators-tools/loan-lookup

View details from Freddie Mac:

https://www.freddiemac.com/about/hurricane-relief

Is your loan backed by Freddie Mac? Find out here: https://myhome.freddiemac.com/resources/loanlookup

“We are committed to supporting homeowners, renters, and communities in need during this challenging time,” stated Cyndi Danko, Fannie Mae’s Senior Vice President and Chief Credit Officer. “If homeowners have been impacted by the fires, we encourage them to call their mortgage servicer for assistance as soon as possible.”

Even after the forbearance period ends, borrowers can explore repayment plans, payment deferrals, or loan modifications to prevent mortgage delinquency.

Mike Reynolds, Freddie Mac’s Vice President and Head of Servicing, emphasized the importance of safety during this crisis: “The number one priority for those affected by the destruction of these ongoing wildfires is to reach safety. Freddie Mac and our partners stand ready to provide immediate assistance and aid in the recovery of families and individuals.”

Private Lenders Join The Effort

Private lenders are also stepping up to support affected homeowners.

Chase Home Lending, a division of JPMorgan Chase, is offering an initial three-month forbearance program, which can be extended in three-month increments for up to a year or more in some cases.

Similarly, Bank of America has introduced mortgage relief options tailored to individual customer needs.

Wells Fargo has pledged $1.3 million from its foundation to support wildfire relief efforts, demonstrating solidarity with the affected communities.

The Consequences of Mortgage Delinquency

Mortgage delinquency can lead to serious financial repercussions, including late fees, damaged credit scores, and even foreclosure. Homeowners are strongly encouraged to reach out to their mortgage servicers or contact Fannie Mae and Freddie Mac directly through their websites or customer service hotlines to explore available options.

Call to Action

If you or someone you know has been impacted by the ongoing wildfires, don’t delay seeking assistance. Relief programs are in place to help you navigate these challenging times and protect your financial stability.