Homeowners Affected by Irma to Receive Forbearance on Mortgage Payments

According to Law.com’s Daily Business Review, homeowners in Miami-Dade, Broward, and Palm Beach counties that have property damage from Hurricane Irma could be eligible for a forbearance on mortgage payments. The forbearance period could last anywhere from three months to one year and is available to homeowners with federally backed mortgages in the U.S. Virgin Islands, Puerto Rico, and 48 Florida counties.

To qualify, homeowners must have a mortgage through Freddie Mac or Fannie Mae, and must own a home in one of the counties designated by FEMA’s federal disaster declaration. The reprieve is intended to help those currently incurring storm-related expenses such as home repairs, hotel stays, and the replacement of damaged personal belongings.

While commercial properties are not eligible to receive the forbearance, it is understood that damages to the workplace can affect employees’ ability to pay their mortgages. Therefore, the reprieve is also being offered to those with federally backed mortgages who work in designated disaster areas, even if they own homes in another county.

The minimum forbearance period that homeowners will see is 90 days. Whether or not this period is longer must be determined by each homeowner’s mortgage servicer. Homeowners unsure of how to contact their provider should visit the Mortgage Banker’s Association Hurricane Relief page.

Those living in counties affected by Hurricane Harvey can expect the same mortgage payment relief as those affected by Irma.

Homeowners can visit Freddie Mac and Fannie Mae online to check if their mortgage is financed through either company.

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