Our thoughts go out to all those affected by the devastating tornado that swept through Oklahoma earlier this week. Disasters such as these are tragic for all affected, including distressed homeowners who were already facing financial and mortgage challenges.

Relief is available, however. Fannie Mae and Freddie Mac released statements reminding borrowers of the options available to distressed homeowners who were affected by the storm. Under the disaster relief policies of both organizations, mortgage servicers can waive late fees and grant a 12-month forbearance period for homeowners whose properties were damaged or destroyed. In some cases, servicers may also work with a borrower to determine whether additional assistance via a loan modification is necessary given the homeowner’s particular situation. Continue Reading…