Mortgage Relief Following Hurricane Irma

 

Mortgage Relief South FloridaThe days following a natural disaster the scope of Hurricane Irma are often consumed with getting life back together. Food, water, electricity, and clean up come long before thinking about bill payment and mortgage relief.

In some hard-hit areas, people may find themselves out of work for extended periods. No work often means no income and many individuals who live paycheck to paycheck may find themselves without the means to pay their bills.

Mortgage relief in the form of mortgage forbearance is available to residents of the 46 counties in Florida already declared disaster areas by FEMA (Federal Emergency Management Agency). You may be able to put your payments on hold for as long as a year.

Mortgages guaranteed or owned by the Federal Housing Administration, Freddie Mac, or Fannie Mae are eligible for this assistance.

It is important that you understand the terms of your mortgage relief. Some lenders may require all of the deferred payment at the end of the forbearance period. Discuss what is expected with your lender and negotiate terms that you will be able to handle.

How to Get Mortgage Relief Following a Disaster

The first step in getting mortgage relief is reaching out to your lender. Your mortgage servicer or bank will offer an initial 90-day mortgage forbearance that will allow you to stop making your next three mortgage payments. You will not need any documentation to prove your claim. Location in the federal disaster area is all that is necessary.

Lenders are also offering forbearance for borrowers who cannot contact them due to lack of phone or cell service. Those impacted by Hurricane Harvey in Texas have the same opportunities for mortgage relief.

During the time of forbearance, you will not accrue late fees, and this will not impact your credit ratings. Mortgage lenders will work with individuals who need longer payment breaks and have loss-mitigation options available as needed.

Can I Get Other Financial Help Besides Mortgage Relief?

If you are concerned about paying other bills, including auto loans, credit cards, student loans, lines of credit, small-business loans, and other bills you should also contact your banks or loan servicers to discuss your options. Many companies are providing payment relief to customers in impacted areas.

You may also be eligible for relief even if you do not live in an area declared a disaster by FEMA. Contact your learn servicer to ask about any options available to you.

Tax relief is available from the Internal Revenue Service to residents and businesses in the 46 Florida counties impacted by Hurricane Irma. Businesses, estate, trust, and individual tax return deadlines due on or after September 4th now have until January 31, 2018, to file. Estimated tax payments will not receive penalties as long as the payments are made on or before January 31, 2018.

Some banks and credit unions are also offering disaster relief loans. Check with your financial institution to see what is available to you.

Do not hesitate to reach out for help if you need it. The law office of Coral Springs attorneys Brodzki Jacobs & Associates, PL are also available to help you with your legal concerns. Please contact us at (954) 344-7737.

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