adminScams abound and misinformation is being circulated about mortgage relief in the wake of Hurricane Irma. Recently, the LSCU became aware that some Florida credit unions were receiving calls in regards to a facetious “federal law” that requires mortgage lenders to offer a 90-day forbearance on mortgage payments. While many lenders do agree to work with consumers when a disaster strikes, there is no federal law that requires this.
After Hurricane Harvey in Texas, the mortgage-backing government entities (Fannie Mae, Freddie Mac, and Federal Housing Administration) agreed to give victims a forbearance. Similarly, many financial institutions have agreed to do so in the wake of Irma. However, there is no law that requires a financial institution to do so, and if a member calls and says they read about this on social media or elsewhere, please be sure to let them know that is not the case. Additionally, a law blog in Louisiana published information about this last year. As we look to get back to a sense of normalcy, the League will be here to assist you and your teams as best we can, including helping when we hear of the spreading of misinformation.
