Helpful Information for Borrowers Impacted by Natural Disasters
We’re here for our borrowers impacted by a natural disaster, and their aftermath. If your home has been damaged by a natural disaster, please read on for important information.
What you need to know
- All borrowers who live in a FEMA Presidentially Declared Disaster Area are identified in our system.
- For all borrowers in FEMA Presidentially Declared Disaster Areas, no late charges or adverse credit reporting will occur for 90 days.
- For temporary hardship situations, we have programs available for borrowers in FEMA Presidentially Declared Disaster Areas.
- Foreclosure activities may be suspended for 90 days, depending on your loan.
Contact Loan Counseling for more information, (800) 365‐4884
Mon.-Fri., 7:30 a.m.-5 p.m. PT
Disaster Relief email: firstname.lastname@example.org
Disaster Relief FAX: (858) 386-7225
Send a signed and dated hardship letter which includes:
- If your property is damaged:
Briefly explain the property damage
Indicate (a) if you will file an insurance claim, or (b) the status of your insurance claim if you already filed
- If your work, or your ability to get to work, was impacted:
Briefly explain how your work, or your ability to get to work, was impacted and indicate how long you will be impacted.
If you need to file an insurance loss claim
For Hazard, Flood and Wind policies, the general insurance damage claim process is as follows:
1) Call your insurers as soon as possible to begin filing a claim.
2) After contacting your insurer, expect an adjuster to be in touch within days to schedule a visit to your home and inspect the damage. The adjuster will be able to estimate repair costs and in some cases even write you a check on the spot to help you begin.
3) Adjusters will start by visiting areas that experienced the most severe damage, once emergency officials give them the green light.
4) Document your losses.
a. Make a thorough list of your property that has been impacted.
b. Provide purchase receipts if available, or estimate how much the belongings cost and when you bought them.
c. Don’t throw anything away without checking with your insurer first. You will likely need to show that damaged items were impacted by the storm.
5) If your home became uninhabitable during the hurricane and you had to make other arrangements, such as hotel, transportation and meals, keep those receipts as well.
6) People with wind damage coverage are eligible for reimbursement for additional living expenses. Flood insurance, however, does not cover these expenses.
7) Once you report your claim, be sure you get your claim number and write it down.
8) Please click here for information on what is necessary to do after filing a claim with your insurance company.
Be wary of fraud! Follow these tips to avoid trouble and get repairs done right.
- Always get a written estimate and do not rush into signing repair contracts.
- Work closely with Guild and your Insurer.
- Don’t use someone if they’re not licensed or listed with your insurer.
- Never pay anyone upfront. It should be an immediate red flag if someone asks for payment before the work is completed.
If you have concerns about the qualifications of an adjuster or contractor:
– South Carolina residents can contact the South Carolina Department of Consumer Affairs at (800) 922-1594 or https://www.consumer.sc.gov/
– North Carolina residents can contact the North Carolina Office of Consumer Protection at (877) 566-7226 or https://www.ncdoj.gov/
– Virginia residents can contact the Virginia Office of Consumer Protection at (800) 552-9963 or https://www.oag.state.va.us/consumer-protection/
Guild can also verify a contractor’s license during the loss claim process.
Contact Customer Service for more information, (800) 365‐4441
Mon.-Fri., 6 a.m.-5 p.m. PT
- Contact your taxing authority to discuss tax implications. The value of your property and therefore your property tax could go down.
- Check with the IRS for potential deductions due to casualty losses.
- The Small Business Association (SBA) offers low-interest loans for individuals impacted by named disasters.
For more information …
- Visit https://www.mba.org/news-research-and-resources/disaster-recovery to download a guide for steps to recovery after the disaster.
- Visit https://www.disasterassistance.gov/ for disaster assistance resources. Get information on filing an NFIP claim, find assistance, apply for and check status of requested assistance, and more at this government website.
- The Insurance Information Institute offers additional guidance on settling an insurance claim: http://www.iii.org/article/settling-insurance-claims-after-a-disaster
- Fannie Mae has provided additional resources at http://www.fanniemae.com/resources/file/aboutus/pdf/hurricane-relief-consumer-gses.pdf