RISMedia (07/07/08); Cleaver, Joanne
Mortgage and realty professionals in communities affected by natural disasters are likely to now require appraisal "recertification" on for-sale properties before they will sign off on buyer loans. The procedure, during which appraisers look for evidence of flood damage that could hurt the value or salability of a home, typically costs $75 to $100. At the same time, lenders are expected to comply with Fannie Mae guidelines for servicing home loans during disasters. That includes working with affected homeowners to keep them out of financial straits--for example, by offering flexibility on monthly mortgage obligations or by waiving late payment fees for those who have lost income because of a disaster or have not yet received a payout from an insurance settlement.
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