WILDFIRE HOMEOWNER ASSISTANCE INFORMATION

Mortgage servicers play a critical role in helping homeowners recover from wildfires and other natural disasters. When a property is affected, prompt action is essential. Experts advise borrowers to contact their mortgage servicer immediately to update their contact information and initiate the recovery process.

The typical procedure begins with the homeowner updating their current address and starting the draw process through a restricted escrow account.

This account is funded by the property insurance company, which sends a check to the servicer. The funds are then disbursed in three stages:

• Approximately one-third is released immediately to commence rebuilding.
• Another third is issued upon inspection of the property.
• The final third is disbursed once the home is fully rebuilt.

Furthermore, homeowners have the option to request forbearance or a partial claim from their servicer. This allows them to resume mortgage payments after rebuilding without negatively impacting their credit report. Additionally, local counties often offer Property Tax relief, enabling homeowners to delay real estate tax payments during the recovery period.

By streamlining these processes, mortgage servicers ensure that affected homeowners receive timely financial assistance, helping them to rebuild their lives with minimal disruption.

Visit ProTitleUSA.com or contact us at Info@ProTitleUSA.com for the purpose of obtaining detailed guidance on how to navigate disaster recovery.

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