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Fannie Mae Announces Wildfire Policies

Fannie Mae has informed us that they too have activated their disaster response policies for homeowners, this time for those affected by the California wildfires. Homeowners impacted are eligible to stop making mortgage payments for up to 12 months during which time they will not incur late fees or have delinquencies reported to the credit bureaus. While homeowners are advised to contact their mortgage servicers as soon as possible those servicers are also authorized to suspend or reduce a homeowner's mortgage payments immediately for up to 90 days if they believe a homeowner has been affected, even without homeowner contact.  Any eligibility for up to 12 months forbearance will not be affected.  

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