Harvey, Irma, José, Katia … whatever the name, hurricane season is in full force. The reality is, there are still a couple of months before the season ends, but if you’re a Quicken Loans client who’s been affected by these storms, know that Quicken Loans is committed to helping you move forward.
Our team of Home Loan Experts is prepared to walk you through the steps you’ll need to take to give yourself peace of mind about your mortgage.
Below are some steps you can take after the storm so that you can make sure you have the resources you need.
Quicken Loans Clients: Important Things to Know About Your Mortgage
- Quicken Loans won’t be charging any late fees for those affected by the hurricanes.
- Credit reporting has been paused for those in the affected areas, so your credit score and report won’t be affected.
- If the effects of the storm make it difficult for you to make your payment, we have options available that won’t require you to make any payments for an initial period of three months. Please reach out to us at (800) 508-0944, option 8.
- If your home is damaged, the process will be smoother if you contact your insurance provider first. If you’re unsure of who your provider is, you can find out by signing in to MyQL.
This list of additional resources may also be helpful.
Temporary Shelter and Assistance
One of your primary concerns may be where to sleep and find some assistance with basic needs in the wake of the storm. The local chapters of the American Red Cross are providing help in the form of:
- Evacuation shelters
- Water, food and other relief items
- First aid and other medical care
- Plans to help with the recovery after the storm
For more information, you can call (800) 733-2767 or find your local Red Cross chapter online.
Emergency Response Centers
If state or federal officials have declared a disaster in your area, local offices should be set up to help with the response to the storm. They can give you information on any disaster-related assistance that may be available in your area. In many cases, these offices can even help with finding grants for the rebuilding process.
The Federal Emergency Management Agency (FEMA) has a list of local emergency offices in declared disaster areas that you can register with. You can also contact FEMA directly at (800) 621-3362.
The Rebuilding Process
Once the storm is over and you’re looking to put everything back together, there are a lot of resources out there to help you with the rebuilding process. One option we’ll go over is backed by the government. Then we’ll touch on the basics of submitting a homeowners insurance claim.
SBA Disaster Loans
The U.S. Small Business Administration (SBA) provides loans for disaster recovery to businesses of any size as well as private nonprofits, homeowners and renters. These loans cover the following:
- Real estate
- Personal property
- Machinery and equipment
- Inventory and business assets
You can apply for these loans if you’re in an SBA-declared disaster area.
Making a Homeowners Insurance Claim
Another avenue to repair or replace damaged items and fund reconstruction after the storm is to submit a homeowners insurance claim. There are a few things you should be aware of at this point.
You need to determine whether your homeowners insurance policy covers flood damage, as many don’t. The easiest way to get this information is to call your insurance carrier directly.
In the event you’re not covered, you should take a look at applying for one of the disaster relief grants or loans mentioned above. Otherwise, you can proceed with making a claim by following your insurance company’s guidelines.
Keep a record of your losses and take photos if at all possible. Be very thorough.
If you currently have a mortgage, your lender needs to sign off on claims above a certain dollar amount because Fannie Mae, Freddie Mac, the FHA and other major mortgage investors need to make sure the property is restored to a condition that’s as good as or better than when you bought it.
The claims process will go smoother if you contact your insurance company first. After that, you can go ahead and contact your mortgage lender. They’ll work with you during the claims process to make sure everything happens as it should.
Quicken Loans clients can contact our insurance claims team at (866) 947-8425. We’ll work with you to get you back in your home as soon as possible. Our hours have been extended to help clients who have been impacted in disaster areas. If you leave a message, we’ll get back to you within 24 hours.
For more information on homeowners insurance, check out this post on filing a claim.
Mortgage Payment Assistance
If you’re able to make your mortgage payment, we recommend doing so, but these storms often leave people in a difficult situation, particularly if you’ve been displaced. If you anticipate having trouble making your mortgage payment in the upcoming month, reach out to your lender or servicer as soon as possible.
Quicken Loans clients can contact us by calling (800) 508-0944, option 8. We’re committed to working with you, and we have options available for those in the affected areas.
Our thoughts are with you during this difficult time. Leave your questions in the comments below. We’ll do everything we can to help you directly or get you to the right place.
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Source: Home Loans