Hurricanes Irma & Harvey Freddie and Fannie Update
Fannie Mae and Freddie Mac have announced additional revisions, effective immediately, to their disaster relief policies for borrowers in FEMA-declared, eligible disaster areas impacted by hurricanes Irma and Harvey. A few of these amendments are as follows:
Suspension of Evictions
- Suspension of all eviction activities until January 2, 2018, or until further notice
Suspension of Foreclosure Sales
- Suspension of all foreclosure sales through December 31, 2017
- If the property was previously identified as vacant or abandoned prior to either hurricane, and if additional conditions are satisfied, the suspension would not apply.
Please note that Fannie Mae also introduced temporary servicing changes, as described below:
Temporary Suspension of Servicing Transfers
- Servicers should remove loans secured by a property located within eligible disaster areas from any pending servicing transfer. If it can be determined, the borrower is able to pay and damage does not exist, servicers may include the loan in a future transfer.
Temporary Extension to Submit a Report of Property Insurance Loss
- Servicers are temporarily granted an extended period to file Form 176, when applicable, through December 31, 2017.
Please visit our website to review the other recent industry updates related to hurricanes Harvey and Irma.
Proctor will continue to monitor federal, state and investor requirements for disaster assistance and will provide updates as they develop.
For complete details on Fannie and Freddie’s recent news releases and bulletins regarding hurricanes Harvey and Irma, as described above, read here: