Post Irma Mortgage Relief
Last weekend hurricane Irma swept through Florida causing major damage to homes from Miami to Jacksonville. Tampa Bay, though spared the heaviest of the wind and rain, is still recovering from the storm and damage is being assessed. There is hope for those who are wondering how they’ll pay for damage repairs. You may qualify for mortgage relief up to 90 days through your lender. Here’s how to find out.
Check to see if your mortgage is eligible. Not sure if you are eligible for forbearance? Fannie Mae and Freddie Mac have made it easy for you to check. If you’re still not sure…
Call your lender. Don’t wait. If you haven’t contacted your mortgage servicer yet, do it now. A lot of lenders are offering up to 90 days forbearance on mortgages. The only way to know for sure is to call and ask as it is not an immediate action the lenders will take.
Ask questions. Some are adding to the end of your loan while some require the amount owed to be paid after the 90 day period. Ask about your forbearance options and ask clarifying questions before you make a decision. Some lenders may be able to extend the time frame past 90 days as well.
Note that this doesn’t just apply to mortgages. Banks like Wells Fargo are offering assistance on credit card, personal loans and lines of credit by waiving late fees as well as waiving fees at non-Wells Fargo ATMs.