Can you Really Skip your Mortgage Payment if you are a Hurricane Victim

In the aftermath of Harvey, Irma and Maria, hundreds of thousands of people with mortgages cannot live in their homes and are trying to regroup and figure out their options. Fannie Mae, Freddie Mac and Federal Housing Administration (FHA) have all come out with relief measures for Hurricane victims.

The Federal Housing Administration (FHA or HUD) has announced a ban on foreclosure sales and evictions for properties in Harvey, Irma and Maria affected areas. The announcements specified first Texas, due to Harvey damage, then US Virgin Islands, Puerto Rico and Florida.

Freddie Mac (FHLMC) and Fannie Mae (FNMA) teamed up to announce foreclosure relief in major disaster areas like Texas, Florida, Georgia, Puerto Rico and the US Virgin Islands. The two mortgage giants revealed that mortgage companies servicing their loans have been authorized to 1. defer mortgage payments up to twelve months, 2. waive penalties or late fees during the deferment and to 3. suspend reporting of delinquencies to the credit bureaus during the deferment. Keep in mind, that unless your entire island is out of communication, as in Puerto Rico, no one will assume you need help. Contact your servicer and let them know you are a hurricane victim and ask how you can get assistance while you are recovering from the disaster.

Get Help! Freddie Mac offers a link explaining what to do to get post hurricane mortgage help: http://www.freddiemac.com/blog/homeownership/20170908_getting_help_after_a_hurricane.html

Note: There are exclusions to this aid: If your property was abandoned prior to the hurricane, the moratorium may not affect you.

In hurricane affected neighborhoods, foreclosure sales are stopped until December 31, 2017…not forever. If you are in this situation, seek assistance. If your servicer attempts to foreclose on your home anyway, contact us for a licensed attorney to protect your interests.

If you lost your home in the hurricane, and the lender wants to foreclose on it seek professional assistance to learn what options you have.

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