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Mortgage Lenders are the First Step in Rebuilding After Disaster

Rebuilding or learning to start over after losing your home in a natural disaster is not the easiest thing to do. After going through the grief of losing something they have worked so hard for, homeowners are being encouraged to take what is arguably the first step in rebuilding or moving on. That step is calling your mortgage lender.

"Mortgage lenders are urging the thousands of displaced homeowners like Gripe to reach out to them in the aftermath of the devastating wildfires so fire victims can begin the process of either rebuilding or moving on, leaving behind the home they once had," according to National Mortgage News.

The argument being made is that the first instinct of someone who has a damaged home or who has lost their home to a disaster, is to call an insurance agent. However, NMN reports that banks have a major role in helping a homeowner recover.

In some cases, lenders are offering relief periods or deferments in order to help them get back to their feet. It's a great option to have, especially if a homeowner was struggling to pay their bills in the first place.

"Wells Fargo Bank is offering a 90-day relief period for its mortgage customers in areas where residents are eligible for individual assistance by the Federal Emergency Management Agency, said spokesman Ruben Pulido," according to NMN.

This serves as a message to mortgage lenders and their representatives. If you reach out to a homeowner who has been hit hard by this disaster, you could have valuable information that may help save them thousands of dollars in debt.

For more on how mortgage lenders matter in times of disaster, click on the image above.

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