Disaster Assistance

Right now, thousands of south Louisianans are knee-deep in floodwaters that engulfed the region this past weekend. Your local team at Standard Mortgage is here to help you. Unfortunately, this isnít the first time weíve dealt with a disaster of this magnitude. Decades of recovery experience has taught us well. If you have to pull everything out and start over, we understand what it takes to do that. We will help you get through this devastating time. We are here, and we have your back.

We hope that you and your family are safe. You have our commitment to assist you in obtaining any and all loan assistance made available by the Federal Agency regulating your loan type, which may include payment forbearance. Please note that ALL customers affected will be offered some type of disaster relief options. There will be a process of applying for immediate forbearance and it may require some assistance on your part. We realize that this may bring added frustrations at an already stressful time, but we will do our best to make the process as smooth as possible.

Disaster Relief Ė FAQs

If your property has sustained damage, please follow these steps:

  1. Contact your insurance company to file a claim. Find out when an adjustor will come and when you can expect your insurance loss draft check.


  2. Contact FEMA (Federal Emergency Management Agency) to register for assistance. They can be reached at (800) 621-3362 or visit DisasterAssistance.gov. Please note that if you are eligible for an Individual Assistance grant you are not required to pay back the grant to FEMA. However, loans from SBA (Small Business Administration) must be repaid.

    • Documents and Materials You Need To Apply

      • Social Security number
      • Address of the location where the damage occurred
      • Current address
      • Current telephone number
      • Total household annual income
      • Routing and account number for your checking or savings account (this allows FEMA to directly transfer disaster assistance funds into your bank account).
      • A description of your disaster-caused damage and losses

3. Contact Standard Mortgage. If you have sustained property damage or face a financial hardship from the recent natural disaster, please contact our hotline at (800) 518-4551 or (504) 620-5138 or email custser@stanmor.com after you have filed your claim and registered your loss with FEMA. We will be prepared to discuss how Standard Mortgage will be involved in the process to restore your home and look for other ways we can work with you with flexible loan payment options.

Disaster relief for loan payments will be provided if your home was damaged or you are experiencing employment disruption from the disaster. The type of relief will be specific to your loan type and individual needs. During that time, we

  • Donít charge fees for late payments
  • Donít report late payments to credit bureaus
  • Offer flexible loan payment options based on your individual situation
  • If you are able to do so, we do encourage you to continue making your monthly payments to the extent possible, but if you cannot, we may ask that you complete a loss mitigation package to apply for forbearance assistance. Please keep in mind that any unpaid mortgage payments will become due at the end of any disaster relief period.

4. When you receive your insurance loss draft check you will notice that it is co-payable to you and Standard Mortgage Corporation. As a mortgage provider, we have a financial interest in ensuring your property is restored. Please notify us as soon as you receive your check. We will give you information and forms you will need to move forward with repairing your home.

  • Minor Damage: In most cases if your home has only minor damages and your loan is current, we will not oversee the repair process. Instead, we will endorse the insurance loss draft check to you to manage all repairs.

  • Significant Damage:
    For many situations, including significant damage, Standard Mortgage will monitor the progress of the repairs to your home. We will work with you to ensure that your property is restored to its original condition. We hope to help protect you from incomplete repairs or potential fraud from unlicensed contractors.

    • Endorse the insurance loss draft check to Standard Mortgage Corp. On property repairs that we monitor, you will need to endorse the check and send it to us where it will be deposited into an interest bearing account. Please call or email Standard Mortgage for additional important information and instructions.

      • Once we have reviewed your individual situation, we will help guide you on contacting a licensed contractor and gathering additional information to start the repairs to your home.
      • In most situations, we will send your repair checks directly to you and made payable to both you and the contractor you hired. If your loan is current, disbursements are made at various stages of completion:
      • After the initial requested documentation is received
      • When repairs are 50% complete
      • When repairs are 100% complete and have been inspected.

5. Other Helpful Links:

American Red Cross

Shelter at Home Program

Disaster Assistance Improvement Programs

FEMA

Tips for Hiring Contractors

Louisiana Home Builders Association

Louisiana Licensing Board for Contractors

Attorney General Jeff Landry


Standard Mortgage Corporation
Customer Service Department
701 Poydras Street, Suite 300 Plaza
New Orleans, LA 70139-0300
custser@stanmor.com

(800) 518-4551 or (504) 620-5138