Fannie Offers Relief to Wilma Victims

Fannie Mae has mortgage relief provisions in place for Florida borrowers facing hardships as a result of widespread flooding and damage caused by Hurricane WilmaUnder Fannie Mae's disaster relief provisions, lenders can suspend mortgage payments for up to three months, reduce payments for up to 18 months, or in more severe cases, create longer loan payback plans. Fannie Mae's servicing guidelines also advise lenders to counsel borrowers on all possible mortgage payment workout options, and to inform homeowners of disaster relief available from federal agencies. Payment relief is available for single-family mortgages, including condos, serviced by Fannie Mae lenders in areas affected by the hurricane. Holders of Fannie Mae mortgage securities will be paid as usual during the relief period. Mortgage lenders doing business with Fannie Mae should determine appropriate relief steps by considering any uninsured losses, extended unemployment, and extraordinary expenses related to the storms that affect mortgage payments, the government-sponsored enterprise said. Fannie Mae can be found online at http://www.fanniemae.com.