WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) wants to help ensure families are given options in these uncertain times in the case of job loss, a reduction in work hours, illness, or other issues. We want to remind those impacted by COVID-19 of available mortgage assistance and relief options. Under Fannie Mae’s guidelines for single-family mortgages:
Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer
Foreclosure sales and evictions of borrowers are suspended for 60 days
Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
Homeowners in a forbearance plan will not incur late fees
After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification
Fannie Mae also offers help navigating the broader financial effects of this national emergency to homeowners with a Fannie Mae-owned mortgage through its Disaster Response Network*, including:
A needs assessment and personalized recovery plan
Help requesting financial relief from insurance, servicers, and other sources
Web resources and ongoing guidance from experienced disaster relief advisors
Homeowners can find out if they have a Fannie Mae-owned mortgage and access to the Disaster Response Network™* by visiting www.KnowYourOptions.com/loanlookup.
“Our thoughts are with everyone who may be impacted by COVID-19 and we urge you to stay safe and well during these unprecedented times. Fannie Mae, along with our lending and servicing partners, is committed to ensuring assistance is available to homeowners in need. We encourage residents whose employment or income are impacted by COVID-19 to seek available assistance as soon as possible,” said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae.
COVID-19 Relief Options
Homeowners and renters across the country are experiencing the financial impacts of coronavirus, or COVID-19. We’re here to help. If Fannie Mae owns your mortgage loan, or if you’re a tenant in a multifamily rental property financed by Fannie Mae, our relief options can help you feel safe at home.
Mortgage Relief for Homeowners
If you are experiencing a hardship such as job loss, income reduction, or sickness due to COVID-19 and you are no longer able to make your mortgage payment, your mortgage servicer is available to help with mortgage relief options, including:
Payment relief through a forbearance plan offers a reduction or suspension of your mortgage payments for up to 12 months, offered in increments of up to six months
Late fee relief during your forbearance plan period
Repayment options following your forbearance, including a repayment plan to catch up gradually or a permanent loan modification that aims to maintain or reduce your monthly payment
Additionally, foreclosure and eviction relief may be available through the federal CARES Act signed into law on Friday, March 27, 2020.
Contact Your Mortgage Servicer: If you’re concerned about your mortgage payments, take the first step and call your mortgage servicer—that’s the company listed on your monthly statement— to request help. Have your financial information handy when you call and note that many servicers are experiencing increased call volumes and hold times due to COVID-19.