In no case can borrowers create their own disaster relief programs without lender approval.
In no case can borrowers create their own disaster relief programs without lender approval. Instead, contact your lender and see what can be worked out. For more articles by Broderick Perkins, please press here. That's a welcomed drop in the bucket for the hundreds of thousands of residents displaced last year, largely by Hurricane Katrina, but also by other storms. Under this approach, the lender simply allows a later payment and waives all late fees.
In addition, lenders are now required to temporarily discontinue reporting delinquencies to credit bureaus if they are aware that the borrower's delinquency is attributed to hardships as a result of a natural disaster.