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Katrina-Hit Homeowners Get Some Mortgage Relief; Many lenders are relaxing payment requirements until storm-tossed get situated.(INSIDE REAL ESTATE)
Byline: LAURA MANDARO
Seeking to ease the strain on homeowners left stranded and perhaps jobless by Hurricane Katrina, the nation's biggest lenders have started to ease mortgage-payment requirements in storm-hit towns.
Bank of America, Fannie Mae and Freddie Mac have made special arrangements for borrowers in disaster areas. Others are encouraging homeowners to contact their servicers and explain the problem.
"The first thing you need to do is call your mortgage company," said JPMorgan Chase spokesman Tom Kelly.
Job disruptions, delayed insurance proceeds and lost records all can thwart a homeowner's best efforts to make timely payments after a natural disaster.
Disasters Spell Delinquency
Mortgage delinquencies increased in Miami after Hurricane Andrew swept through the city in 1992. They also ticked up after an earthquake hit Los Angeles in 1994, said a 1998 report by the Office of Thrift Supervision.
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