Helpful information for borrowers impacted by natural disasters
We’re here for our borrowers impacted by a natural disaster and its aftermath. If a natural disaster has damaged your home, please continue reading 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 our loan counseling staff for more information by calling 800.365.4884 Monday-Friday, 7:30 am–5 pm PT
Disaster relief email: [email protected] Disaster relief FAX: 858.385.7225
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 have already filed.
- If your work or ability to get to work was impacted:
- Briefly explain how your work or ability to get to work was impacted and indicate how long it will affect you.
If you need to file an insurance loss claim
For hazard, flood and wind policies, the general insurance damage claim process is as follows:
- Call your insurers as soon as possible to begin filing a claim.
- 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.
- Adjusters will start by visiting areas that experienced the most severe damage, once emergency officials give them the green light.
- Document your losses.
- Make a thorough list of your property that has been impacted.
- Provide purchase receipts, if available, or estimate how much the belongings cost and when you bought them.
- 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.
- 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.
- People with wind damage coverage are eligible for reimbursement for additional living expenses. Flood insurance, however, does not cover these expenses.
- Once you report your claim, be sure you get your claim number and write it down.
- After filing a claim with your insurance company, please review the next steps for guidance on the process.
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.
- 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 the FEMA site https://www.fema.gov for helpful information and guidance.
- Visit https://www.disasterassistance.gov/ for disaster assistance resources. Get information on filing an NFIP claim, finding assistance, applying for and checking the status of your requested aid 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