Fannie Mae will extend the same mortgage relief provisions in place for borrowers facing hardship as a result of Hurricane Katrina to those in areas impacted by Hurricane Rita, the mortgage giant announced late Monday. The government-sponsored enterprise also announced a special employee volunteer policy to help the victims of the hurricanes in the Gulf Region. With Fannie Mae's disaster relief provisions, lenders make individual case-by-case evaluations as to the appropriate relief measures needed and can help borrowers in several ways, Fannie Mae said. These ways include suspending mortgage payments for up to three months, reducing the payments for up to 18 months, or in more severe cases, creating longer loan payback plans. Such assistance is designed to meet the individual needs of borrowers, the company said. "The gulf coast has been hit very hard by these two storms and homeowners in these areas will need assistance and flexibility as they face difficult and uncertain finan...
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