CitiMortgage announced today that it would suspend, through September 17, all foreclosure sales and filings on any property within 25 miles of the Gulf Coast on which Citi holds a first mortgage.
Fannie Mae also announced today that servicers of Fannie-backed loans may immediately suspend or lower payments on mortgages for borrowers whose income or property were affected by the spill. If you think you qualify, don't wait for the servicer to call you.
According to Janis Smith of Fannie Mae, "borrowers who hope to obtain relief under this policy should call their servicers right away." If approved, your servicers can offer to postpone or lower payments for up to 90 days. But be prepared to prove income loss or damage from the oil spill.
Freddie Mac will allow up to 6 months of payment assistance for victims. Other lenders are also offering programs, so if your home or income has been impacted by the Gulf oil spill, contact your lender.