The Mortgage Relief for Disaster Survivors Act allows homeowners and multifamily property owners with federally backed mortgages to pause their loan payments for up to 180 days after a presidential disaster declaration if their property is damaged or destroyed. Borrowers can request this forbearance by submitting a written request to their loan servicer along with documentation of property damage, and they can extend the forbearance for an additional 180 days if needed. The legislation applies to mortgages backed by Fannie Mae and Freddie Mac for both single-family homes (1-4 units) and apartment buildings (5+ units). During forbearance, borrowers will not accumulate additional fees, penalties, or extra interest beyond what would normally accrue under their mortgage agreement. This bill provides financial relief to disaster survivors during recovery periods without imposing new federal spending or funding mechanisms.
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