Fannie Mae Amends Natural Disaster Policy
money to homeowners so they can make repairs to their property.
The temporary changes allow mortgage servicers to immediately release insurance funds up to $20,000, as long as the borrower has a contractor's estimate for the repairs, and is current, and has a good mortgage payment record.
Fannie Mae is also encouraging mortgage servicers to counsel homeowners that they should hire only licensed and qualified contractors to complete home repairs, so that they aren't victimized by unscrupulous contractors at a time when they are most vulnerable.
These relaxed guidelines complement disaster relief provisions reiterated last week to help borrowers facing hardships as a result of widespread flooding and damage caused by Hurricane Frances. Similar provisions already are in place for homeowners affected by Hurricane Charley and Tropical Storm Bonnie.
For more information on mortgage payment relief, homeowners should contact the company to which they send their mortgage payments.
The temporary changes allow mortgage servicers to immediately release insurance funds up to $20,000, as long as the borrower has a contractor's estimate for the repairs, and is current, and has a good mortgage payment record.
Fannie Mae is also encouraging mortgage servicers to counsel homeowners that they should hire only licensed and qualified contractors to complete home repairs, so that they aren't victimized by unscrupulous contractors at a time when they are most vulnerable.
These relaxed guidelines complement disaster relief provisions reiterated last week to help borrowers facing hardships as a result of widespread flooding and damage caused by Hurricane Frances. Similar provisions already are in place for homeowners affected by Hurricane Charley and Tropical Storm Bonnie.
For more information on mortgage payment relief, homeowners should contact the company to which they send their mortgage payments.
Comments(0)
Great article in our times of many Natural Disasters!
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For additional reflection on this article by commercialking go to
http://www.finanznachrichten.de/nachrichten-2004-09/artikel-3853778.asp
http://money.cnn.com/services/tickerheadlines/prn/dcw056.P1.09152004164227.17380.htm
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=105&STORY=/www/story/09-15-2004/0002251245
A great site to check out Fannie Mae News is
http://www.prnewswire.com/gh/cnoc/comp/305450.html
Sorry links were bad
http://www.prnewswire.com/gh/cnoc/comp/305450.html
http://www.finanznachrichten.de/nachrichten-2004-09/artikel-3853778.asp
http://money.cnn.com/services/tickerheadlines/prn/dcw056.P1.09152004164227.17380.htm
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Well, John its not particularly an article "by" commercialking. As you will notice on the first line of the article this is a press release from Fannie Mae. Thank you for directing us to other people who have published the same press release.
commercialking not sure of your point I was just adding additional information for others to learn by is that ok. This is a great article I simply used the word article as a starting statement that flows with the article link on this forum. Would it be better for you in the future that if you post "press release" I do not call it an article even though it is? My object is to avoid this little flaming as this forum is about learning and helping not any personal issues.
So Mark, how do you think the RE market is now in Florida? Distressed owners, Fanny Mae insurance. Might be a winning combination.
Thanks for the reference.
Robert
Well the market right now is a frenzy. The post-disaster carpet baggers are all over the area like flies and in the long run I suspect they will do very well.
In the short run I suspect that different parts of the market will move in different ways. The housing shortage (many many houses will be condemned and building codes have changed so that they cannot be re-built to the same standards) will cause a short-term run up in prices of buildings that are capable of repair. I suspect that the vacant lots resulting from the demolition of so many houses will experience a decline in prices for the next three to six months as people get discouraged with getting building permits and figuring out how to pay for rebuilding their new houses which are going to be much more expensive than their old houses were.
That said I'm trying to put a pool together to buy lots in Charlotte and Lee counties. But not right now. Right now there are more investors than residents in many of those florida areas hardest hit.