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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