MIAMI (CBSMiami) – Florida homeowners who may have trouble making their mortgage payments after Hurricane Irma could be eligible for a mortgage loan deferment.READ MORE: Climate Change Threatening Coffee Plants Around Globe
Since Florida has been declared a federal disaster area, which means, by law you can get a forbearance payment on your mortgage.
That means your mortgage may be waived for a set amount of months at no credit implications to you.
However, it’s not automatic, you must reach out to your mortgage lender and apply for it and each lender may have a different set of rules so you need to call and ask.
In some cases, mortgage agencies will allow you to skip your next three payments and they’ll be added to the end of the loan without any negative marks on your credit. Interest, however, would still accrue.
In other cases, when the deferment period is over, missed payments become due either in a lump sum or according to a payment plan.READ MORE: Hackers Publish Nearly 26,000 Stolen Broward Schools Files
Again, double check with your lender.
Homeowners who suffer a financial setback, such as a job loss, as a direct result of a disaster also may be offered temporary mortgage relief, even if their home was spared. Documentation will likely be required to prove the hardship.
Fannie Mae and Freddie Mac have both told loan servicers to extend a 90-day forbearance to anyone who calls and requests it.
Click here to find out more about their programs.
To talk with a Department of Housing and Urban Development-approved housing counselor before agreeing to forbearance, call 1-800-569-4287.
Here are some other links that may be helpful in learning more about forbearance mortgage relief in the wake of Hurricane Irma.
- Mortgage Assistance If Affected By Hurricane Irma
- Mortgage Relief For Hurricane Irma
- Hurricane Help
- FEMA Helpline: 1-800-621-FEMA (1-800-621-3362)
- Disaster Assistance Website
Additionally, the IRS has announced that people who extended their 2016 income tax filings can submit their paperwork next year. It’s not a payment extension but rather a filing extension.MORE NEWS: Florida House Set To Expand School Vouchers; Opponents: Expansion Would Shrink Public School Funding
Also, many credit card companies will offer a similar disaster forbearance upon request and banks are also offering breaks to those in Hurricane Irma’s path.