Disaster relief mortgage services are services you may not even know are available. In fact, homeowners do not consider this as an option unless their local city or their mortgage company notifies them the services are available. If you believe you may be eligible for disaster relief, but you are unsure of what options are available, here are a few your mortgage company may offer. These will vary depending on your mortgage company and location, however, these are the most common options offered by mortgage services.
Payment Adjustment
One of the disaster relief plans many mortgage services began offering in recent years is a payment adjustment plan. This helps people who may have been misplaced from work, laid off for short periods of time, or have had a minor health issue that caused them to miss work. The payment adjustment option can come in several forms. The most common is moving your current payment to the end of the life of your mortgage. This means that if you have a maturity date of September 2022, it would move to October of the same year. The other common option is to combine your next payment to include both payments or to pay a smaller amount and the remainder on the next billing date.
FEMA Relief
If you are in the line of a tornado, hurricane, or another natural disaster then you may be eligible for a FEMA relief program through your mortgage company. These programs require a bit more legwork on your part. You will need to first find out if you are eligible through your mortgage services provider. They can then help you with the initial steps and any paperwork you need to apply with FEMA. Depending on your mortgage company, this may be streamlined. That means the application process will go through your mortgage company for the FEMA program assistance. This assistance can help pay your mortgage directly as well as help with rebuilding or damages.
Forbearance
In a few extreme cases, you may be eligible for a mortgage service option known as forbearance. This will allow you to pause the payments on your mortgage due to a catastrophic issue and loss of income. For example, you may need a forbearance due to a major illness or the related treatment. Your mortgage company can supply you with a list of what qualifies you for forbearance and help you through the application process. These forbearances are usually for a short time and are not meant to cover the entirety of your mortgage amount.
If you believe that one of these disaster relief mortgage services would benefit your situation, contact your mortgage company. A representative can help you determine the best options for you. They can also connect with the proper department in order for you to work through the application process of the disaster relief program.
Reach out to a company like Fairway PNW to learn more.
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