Citigroup says it is suspending loan foreclosures in the region through Sept. 17.
Fannie Mae says companies servicing its home loans may suspend or reduce borrower payments for up to 90 days. Additional time may be granted after a review of individual circumstances.
The oil disaster is affecting the coasts of Louisiana, Mississippi, Alabama, and Florida.
“In the midst of this crisis, we will continue to explore ways to help people avoid foreclosure so they and their families can remain in their homes and have one less thing to worry about,’’ Citigroup chief executive Vikram Pandit said in a statement.
CitiMortgage borrowers occupying homes in zip codes within 25 miles of affected coastal areas will be eligible.
“We want to give homeowners every opportunity to weather this unprecedented disaster, including relief from their mortgage payment if that will help them get back on their feet and stay in their homes,’’ Fannie Mae chief executive Michael J. Williams said in a statement.