Author: Brenda Roetger
Phone: 615-370-8888 x.205
Email: Brenda.Roetger@churchillmortgage.com

This time of year, the U.S. experiences all kinds of natural disasters and currently the South is under water. How does this affect your mortgage?  You might be surprised.

• First things first: If your home is flooded, get to a safe place and secure your belongings.

• Next: Find out what options your homeowner's insurance offer.

If you don't have insurance to cover the natural disaster that has damaged or destroyed your home, you may have some options through Federal Aide or Fannie Mae.

Floods, fires and other disasters often require the state to declare an area a 'disaster zone'. This qualifies the state for Federal monies to begin rebuilding the public infrastructure. Sometimes homeowners are given assistance through such a program. Your local government offices will be able to give you more information about these programs.

Fannie Mae, who secures mortgages for lenders, has a disaster relief program in place. They could suspend payments up to 3 months, or reduce payments up to 18 months or create longer pay back plans. All these are on a case by case basis of course.  You can go to www.fanniemae.com for more information.