Mortgage relief may be available for Gulf Coast oil spill victims who have their mortgage with Fannie Mae or Citigroup. Both of these mortgage institutions have made claims that they may reduce or suspend mortgage payments for homeowners who have been hurt by the oil spill in the Gulf region. Many homeowners have made their living thanks to the Gulf and its waters but due to the oil spill oozing its way into more and more of the Gulf area, many who depend on the Gulf as a source of income are welcoming this mortgage assistance relief.
It said that this assistance can last for Fannie Mae homeowners and Citigroup homeowners for up to 90 days. While Fannie Mae had specifically mentioned that they will not require banks managing their loans to suspend mortgage payments, homeowners are being told that they should contact their mortgage lender in order to see if they can obtain some form of assistance if they are suffering financial hardship due to the Gulf oil spill and are unable to make their home loan payment.
Citigroup, has enacted similar mortgage assistance programs in the past, when just this past December they issued a moratorium on foreclosures for homeowners through the holiday season. Many representatives from mortgage lenders often say that a foreclosure is not beneficial for either a homeowner or bank and it is for this reason that many feel Citigroup and Fannie Mae are taking this course of action.
While many lenders in the Making Home Affordable Program can take part in foreclosure prevention plans and alternatives to foreclosure, like deed in lieu of foreclosure options, these lenders are giving Gulf Coast oil victims the opportunity to avoid the strains that come with paying a mortgage in a time where their income has been erased by the oil leak in the Gulf.