Home Loans and Mortgages Help for Hurricane Katrina Victims
only are thousands homeless, but they still owe regular payments on mortgages for homes that may no longer even exist!
For them, there is help. Several large mortgage companies, the Federal Deposit Insurance Corporation, and mortgage investors Fannie Mae and Freddie Mac have announced plans to offer assistance to distressed homeowners in the region affected by the hurricane. The offers will vary from lender to lender and the FDIC’s recommendations were merely guidelines, though most mortgage lenders will probably go along with them. These guidelines include suspending payments for several months, reducing payments for some period of time, and/or possibly changing the payback terms of the loan.
Each lender will establish their own rules for how they may help their customers, but no help will be offered unless the homeowners contact the lenders first. Anyone who has been displaced by Hurricane Katrina or has had his or her home damaged or destroyed
