If your property has been damaged, we are here to help you navigate the impacts on your home and mortgage. There are a few things you may need to know and do to get started with an insurance claim. Detailed information and contacts are provided below.
Here’s what you need to do first:
Once you have begun our claims process, you have completed the necessary documentation, and you receive a check from your insurance company, please take the following steps:
For example, if your loan is owned by Fannie Mae (FNMA) or Freddie Mac (FHLMC) and you are not behind on payments, the first $40,000 will be mailed to you and any remaining funds will be deposited into your escrow account and released as repairs are made. Typically, inspections will be required to verify the completion of repairs before additional funds are released to you.
For information specific to your loan, please contact our Disaster Claims team at 833.253.1133.
You may use insurance proceeds to pay off your loan, but keep in mind, if you choose to do this, you would then own the property “free and clear.” This means you are liable for all activities associated with the property – for example, clearing debris, making repairs, paying taxes, and paying insurance.
If a recent disaster has affected your ability to conduct normal financial business, we understand this may result in late or missed mortgage payments. We are here to help, so please see our Financial Hardship FAQs and reach out to our Homeowner Assistance Team. We will guide you on mortgage assistance options available, how to apply, and what to expect.
The Federal Emergency Management Agency (FEMA) offers disaster assistance programs and resources. For information, visit:
disasterassistance.gov
fema.gov/disasters
fema.gov/national-flood-insurance-program