In the wake of Hurricane Sandy, Fannie Mae and Freddie Mac have reached out to their servicers, urging them to adopt mortgage-relief policies for homeowners severely impacted by Hurricane Sandy.
Between the massive flooding, the devastating tornadoes and the wildfires, natural disasters have taken an extreme toll on American homes so far this year, and we’re only halfway through 2011.
“Few states are immune to natural disasters,” writes HSH.com contributing writer Marcie Geffner, “and each event affects thousands of homeowners who are forced to cope with the physical and emotional damage, as well as the prospect of perhaps not being able to manage their mortgage payments.”
The news from Alabama, Mississippi and other states hit by the April tornadoes is hardly good. As this is written, more than 300 people have died and property damages will total billions of dollars. Utilities are out and may well be out for weeks in the worst-hit areas, meaning that it will take a substantial amount of time to recover.
During events such as these, most mortgage lenders and servicers extend as much help as possible to victims in order to re-establish local communities.
HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.
