Hurricane Florence and the Mortgage Industry’s Plans.

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Hurricane Florence and the Mortgage Industry’s Plans.

Preparing yourself for a hurricane can be overwhelming. You first need to think about protecting your family and your home, but what about your mortgage? Hurricane Florence’s strength weakened before making landfall, but even so mortgage service companies are taking precautions, and are acting fast to address the state of emergency. CBS News reports that mandatory, and voluntary evacuation were in order for 1.7 million people, and over 10 million people live in areas that are under storm watches/ warning. Around 1,200 flights have been canceled according to FlightAware. “Plenty of heavy rain remains in the future for this region,” -David Roth Weather Prediction Center senior forecaster. Roth also said catastrophic flash flooding is expected to continue to worsen today, September 14th, 2018.

According to National Mortgage News, emergency assistance plans are being enacted by various mortgage servicers to help people who are affected by the storm, which will be determined by ZIP codes FEMA reports as disaster areas. Temporary reductions and legal authorizations to postpone mortgage payments are amongst the leniencies being implemented for those impacted.

Freddie Mac and Fannie Mae have also confirmed to participate in providing aid by reinforcing their disaster relief policies. In a recent press release, Yvette Gilmore, Freddie Mac’s Vice President of Single-Family Servicer Performance Management said: “It is important for those in the Carolinas and nearby states to focus on their safety as Hurricane Florence approaches,…Once out of harm’s way, we strongly encourage homeowners whose homes or places of employment have been impacted by Hurricane Florence to call their mortgage Servicer—the company to which borrowers send their monthly mortgage payments—to learn about available relief options. We stand ready to ensure that mortgage relief is made available.”

Reflecting on last year’s storms, Harvey, Irma, and Maria, CoreLogic’s analytical insights reveal that “Florida and Texas experienced increases in serious delinquency rates over the past year,” -Frank Martell, president and CEO of CoreLogic. (Graph below.)

Weather forecasters say that as the storm approaches inland, the situation could worsen, with the potential of severe flooding with more than 3 feet of rain. Below is a flood safety guide provided by weather.gov/flood. According to North Carolina Department of Public Safety, there are currently 639,729 power outages. and Gov. Cooper asks everyone to please “be safe.”  



2018-09-14T16:42:27+00:00September 14th, 2018|Categories: Homeownership, Other|Tags: |Comments Off on Hurricane Florence and the Mortgage Industry’s Plans.