Hurricane Dorian, which has been pummeling parts of the Bahamas for the past 24 hours with wind gusts up to 150 miles per hour and a storm surge of 18 feet, is nearing the Eastern Seaboard. Hundreds of thousands of people in Florida, Georgia, and South Carolina have been ordered to evacuate before the storm heads up the coastline. Housing help and other aid is already on standby as the storm’s full impact nears.
The National Association of REALTORS® on Friday sent a notice to REALTORS® in those three states offering disaster preparations resources for real estate professionals and their clients who are at risk. The site includes everything from how to file an insurance claim to available disaster assistance.
Mortgage financing giants Fannie Mae and Freddie Mac as well as the Department of Housing Development are offering relief services for those impacted. Freddie and Fannie are offering forbearance on mortgage payments for up to 12 months for those who live in eligible disaster zones.
“We are monitoring the situation, and we urge those in the path of the storm to focus on their safety first as they prepare for the potential impact of Hurricane Dorian,” says Malloy Evans, senior vice president and single-family chief credit officer at Fannie Mae.
Once homeowners are safe, they are encouraged to contact their mortgage servicer—the company borrowers send their monthly mortgage payments to—if they had any damage to their home and to learn more about relief options available to them.
An estimated 668,052 homes could be in the hurricane’s path. Reconstruction costs could total about $144.6 billion, according to CoreLogic predictions.
My thoughts are with those in the path of #HurricaneDorian. @HUDgov stands ready to assist those who may be impacted by the storm.64812:19 PM - Aug 29, 2019Twitter Ads info and privacy168 people are talking about this
Hurricane Dorian, once a mighty Category 5, has been downgraded to a Category 3 since striking the Grand Bahama Island. Dorian made landfall on Monday in the Bahamas, where it has stayed practically stationary hurling great damage in a slow-moving storm. There are reports of massive flooding across the Bahamas, as well as ripped roofs and damaged homes.
Dorian threatens the Florida coast next, but the National Hurricane Center says Dorian could be right at or perhaps brush the southeast U.S. coast when it does move. CBS News weather producer David Parkinson predicts four- to seven-foot storm surges possible all the way north to Charleston, S.C., and including Savannah, Ga.
Source: REALTOR® Magazine Daily News
