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VICTIMS OF HURRICANE ANDREW RECEIVE FORBEARANCE FROM MGIC TO HELP AVOID MORTGAGE DELINQUENCIES AND FORECLOSURES

 VICTIMS OF HURRICANE ANDREW RECEIVE FORBEARANCE FROM MGIC
 TO HELP AVOID MORTGAGE DELINQUENCIES AND FORECLOSURES
 MILWAUKEE, Aug. 28 /PRNewswire/ -- Economically distressed victims of Hurricane Andrew who may have difficulty making their mortgage payments on MGIC-insured loans will receive forbearance and mortgage loan workout assistance from Mortgage Guaranty Insurance Corporation (MGIC), one of the nation's leading private mortgage insurers. MGIC announced today that it will begin working directly with lenders and servicers to establish relief measures to assist these homeowners.
 "The victims of Hurricane Andrew are struggling to put their lives back together. We want homeowners to know that MGIC will assist them. As soon as the homeowners realize that they will have difficulty making their mortgage payments, it is imperative that they contact their mortgage lender," John Hoff, vice president-Claims Administration, said.
 In order to get the forbearance process started, borrowers should provide their mortgage lender with information regarding:
 -- The status of their property's condition;
 -- Employment status;
 -- Evidence of financial hardship;
 -- Homeowner's insurance coverage, and any hurricane-related claims that have been filed or paid to date.
 When a lender/servicer is contacted by an MGIC-insured victim of Hurricane Andrew, that lender should then call MGIC at 1-800-272-4071. Once contacted, MGIC will work with lenders/servicers on a case-by-case basis to determine the best strategy to help the borrower avoid delinquency and foreclosure.
 "We will support servicers on forbearance plans they might recommend, and when requested by the servicer, MGIC will provide direct assistance in developing strategies to assist homeowners affected by Hurricane Andrew," Hoff added.
 MGIC is a leading provider of private mortgage insurance coverage in the United States. Private mortgage insurance covers residential first mortgage loans and expands homeownership opportunities by enabling people to purchase homes with less than 20 percent down payments. Private mortgage insurance also facilitates the sale of low down payment first mortgage loans in the secondary mortgage markets.
 -0- 8/28/92
 /CONTACT: Debra Roknic of MGIC, 800-558-9900, ext. 6529/ CO: Mortgage Guaranty Insurance Corporation ST: Wisconsin, Florida, Louisiana IN: FIN SU:


AL -- MN012 -- 4577 08/28/92 16:43 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
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