Mortgage Relief for Hurricane Gustav Victims
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It’s become a kind of ritual, the word from major mortgage lenders and loan owners providing relief in the face of hurricanes, tornados, fires, earthquakes and other natural disasters.
What can impacted mortgage borrowers expect with hurricane Gustav? Looking at past practices from 2005 with Katrina, Rita and Wilma, Fannie Mae, Freddie Mac and most other lenders are likely to take a number of steps to help impacted borrowers and local lenders:
- Suspend mortgage payments for several months.
- Reduce the payments for several months.
- Waive penalties and late fees against borrowers with disaster-damaged homes.
- Quickly releasing insurance money to help borrowers repair homes.
- Create longer loan modification plans in severe situations.
- Temporarily discontinue reporting delinquencies caused by the storm to credit reporting agencies.
- Suspend foreclosure actions.
If you are in the path of hurricane Gustav and suffer damage to your home, your community or your job, assume nothing. Contact your lender as soon as possible to see what assistance is available. Please have your loan number and servicer contact information available.
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