Fannie Mae has launched a supplement to the post-disaster mortgage relief options the company currently offers, such as victims of the fires in California.
Homeowners with a Fannie Mae owned loan whose property is in a FEMA-declared zone are eligible for free assistance from the Disaster Response Network. If the home was not damaged, but the borrower lost his job or his income was reduced, he remains eligible for the program.
"Communities face extraordinary challenges dealing with the impacts of a natural disaster," says Michael Hernandez, vice president for disaster recovery and rebuild for Fannie Mae. "For homeowners, the process can be complex, stressful, and time-consuming. We want to help families regain their personal and financial footing beginning with mortgage relief, but also by helping more broadly to ensure a successful recovery."
Fannie Mae’s Disaster Response Network is a comprehensive case-management service for disaster-affected homeowners whose mortgage loans are backed by the company.
The program provides homeowners broader personalized support to address safety and basic needs, property repairs, employment, and financial recovery—all of which affect a borrower's ability to meet their mortgage obligations.
The Disaster Response Network is operated by Clearpoint Credit Counseling Solutions through their Project Porchlight program. Using a call-center model, staffed by HUD-certified counselors within the U.S., the Disaster Response network will help homeowners navigate the challenging and unfamiliar post-disaster recovery process and will include:
- A comprehensive case assessment and action plan designed to meet the homeowner's needs.
- Assistance in filing FEMA, insurance, and Small Business Administration claims as well as providing additional referrals and resources for disaster recovery and resiliency.
- Tri-party calls with assistance providers and homeowners, plus ongoing counselor-homeowner check-ins to help ensure a successful recovery.
- A web-based platform designed to educate borrowers, provide resources and updates, as well as create a supportive online community of neighbors facing similar challenges.
