Has your home been severely impacted by the destructive path of Hurricane Florence? Do you find yourself facing a huge financial burden as you work to rebuild your home and your life after the storm? If you’re struggling to make make ends meet after the hurricane, you have mortgage relief options.
Here’s what to do when disaster strikes.
File Damage Claims & Insurance Reports
Before taking any other steps, you’ll want to contact the right people to document any damage to your home and determine which relief options are best for you. Always contact your homeowners insurance provider in cases of ANY damage to your home, and your mortgage servicer in cases of financial burden. You’ll likely also want to get in touch with FEMA (the Federal Emergency Management Agency).
Know Your Mortgage Relief Options
Ask for Forbearance
A “forbearance” is an agreement between yourself and your loan servicer to stop mortgage payments for a set period of time. Homeowners impacted by Florence are eligible to pause monthly mortgage payments for up to 12 months—without incurring late fees or reported delinquencies.
Additionally, loan servicers are required to suspend any foreclosure proceedings and may additionally suspend or reduce monthly payments temporarily for affected homes.
Get Loan Assistance
Depending on your type of loan and service provider, you may qualify for additional aid. To learn more about other mortgage relief options available to you, contact your lender, or call Fannie Mae or Freddie Mac directly (for conventional loans) or the FHA or VA (for government loans).
Looking for Options on the Crystal Coast?
Whether you’re facing the prospect of rebuilding or you find yourself in search of a new home entirely, Linda Rike Real Estate is here to help. We’ve got lots of local information and resources—from hurricane relief options to home-buying guides. Contact us today to learn how we can help you get back to living the beach life!