NORTHWOOD, ND, August 31, 2007 – The North Dakota Housing Finance Agency (NDHFA) recognizes the recent disaster may have forced Northwood homeowners from their homes, and has them incurring extraordinary expense and time in dealing with the aftermath of the recent tornado.
NDHFA recognizes that borrowers who have received a first-time homebuyer loan from the Agency may have difficulty making scheduled loan payments because of the disaster. In response, NDHFA is granting forbearances by allowing borrowers to delay monthly payment(s) for up to 90 days starting Sept. 1, 2007. The Agency will also waive late charges, and indicate to credit bureaus that mortgagees were affected by a natural disaster.
NDHFA asks that affected borrowers contact the Agency as soon as possible. Be prepared to provide updated contact information, information on their home’s condition, and their ability to make future payments. NDHFA’s toll free number is 800-292-8621, and borrowers should identify themselves as a Northwood resident to ensure that their call is routed to the correct homeownership staff.
The payment forbearance offered by NDHFA only applies to borrowers whose loans are held by the Agency. If your home loan is serviced/held by another lender, you should contact that lender as soon as possible to discuss possible relief options.
This is NDHFA’s first step in attempting to work through this disaster with their borrowers. As additional information and actions become clearer, it will be communicated. Approximately 30 homes in the Northwood area currently have loans with the NDHFA.
