Greetings neighbors,

In wake of the recent BP oil spill in the Gulf of Mexico, Fannie Mae announced today the authorization of servicers to suspend or reduce mortgage payments immediately for those affected by one of the most tragic oil spills in U.S. history to date.

Fannie Mae will allow servicers to suspend or reduce oil spill victims’ payments for up to 90 days under their "Special Relief Measures" policy.  During these payment suspensions, servicers will be given the chance to evaluate the oil spill's true impact on the borrowers’ property and financial condition.

After completing the assessments, servicers will determine the appropriate alternatives for distressed borrowers which can include an additional forbearance for up to 3 months, loan modifications, and etc.