Options for Mortgage Holders Suffering from Flood Damage

Only a couple weeks after Hurricane Harvey hit Texas, Hurricane Irma has devastated Florida this past weekend. There is no denying that homes all over the region are going to sustain damage, including flood damage from each hurricane’s harsh rain.

If your home has been affected by flood, or you know a loved one that has experienced flooding, there are some options available to help you as you restore your life and property.

What to Do if Your Home Has Flooded
If you have a mortgage and your home has recently flooded as a result of Harvey or Irma, there are some strategies you can use to reduce some of the financial burden. These include:

• Forbearance – Fannie Mae, Freddie Mac, and FHA loans are all offering forbearance programs for those whose homes have flooded. These programs will last at minimum 90 days, although experts believe they may be extended well into 2018. Interest will still accrue during this time, but no payments will be necessary until the forbearance period is over.
• Direct Lender Programs – Different direct lenders may have different programs available, including forbearance, for those that were affected by Hurricane Harvey. If you are an Open Mortgage borrower, please contact us for the options available for your specific loan.
• Study Your Insurance – Whether you have flood insurance, or your insurance covers “natural disasters” or “Acts of God,” it is important to take a look at your policy now to prepare for when you go back to your property. Even if you do not have flood insurance, you may be able to still have some part of your property covered depending on your policy.

These are the first steps towards making sure that you are ready to address any issues with your mortgage following a natural disaster. You can also contact FEMA at https://www.fema.gov/individual-disaster-assistance. They provide assistance to homeowners that have been hit with a natural disaster.

Depending on the damage, you may receive assistance in the form of a low interest loan or a grant. These payments are not guaranteed, either, but can help provide some relief from hurricane damaged properties.

Harvey to Irma and Beyond – Next Steps After Hurricane Flood Damage
Hurricane flooding is different from other forms of flooding. You are given more options than you would be if your home flooded from an unexpected accident. But it is still up to you to take the first step. If your mortgage is with Open Mortgage, give us a call today, and we’ll start working on how to help you as you navigate your flood challenges.