Homeowners in Los Angeles County whose properties have been damaged or destroyed by recent wildfires are being advised to contact their mortgage servicers to request payment forbearance immediately.
Homeowners with mortgages owned by federal agencies like Fannie Mae or Freddie Mac may be eligible for up to 12 months of suspending payments without incurring late fees or penalties. Freddie Mac also supports homeowners whose workplaces have been affected by natural disasters, offering flexible repayment options for mortgage payments, including additional forbearance requests, lump-sum payments, installment plans, or loan modifications.
Homeowners can verify whether their loans are owned by Fannie Mae or Freddie Mac by contacting their mortgage servicers or using lookup tools available on the agencies’ websites.
The Department of Housing and Urban Development (HUD) also offers up to 12 months of payment relief for Federal Housing Administration (FHA) loans in areas designated as presidential disaster zones.
Banks are similarly stepping in to assist disaster-affected customers. Chase provides three months of temporary pause on payments, which can be extended in three-month increments for up to 12 months. Bank of America offers mortgage forbearance and additional assistance through its customer relief programs, extending support to small business owners impacted by wildfires. Wells Fargo customers can contact the bank’s disaster assistance team for help.
It’s important to note that mortgage payment forbearance are not automatically applied; homeowners must actively reach out to their mortgage servicers to confirm eligibility and request relief. Those with nontraditional mortgages, non-qualified loans (non-QM), or private loans may face challenges in securing payment forbearance.
Experts recommend that disaster-affected homeowners act quickly to communicate with their mortgage servicers, review available relief options, and take advantage of payment forbearance programs or loan modifications where necessary. Proactive engagement is key to navigating the financial challenges posed by natural disasters.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
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