Eligible Disaster

Eligible Disaster

A disaster, either man-made or natural, which meets the following qualifications: A financial hardship (e.g., a loss/reduction of income or increase in expenses) that impacts the Borrower's ability to pay his or her current contractual monthly payment, and One of the following: The property securing the Mortgage loan experienced an insured loss The property securing the Mortgage loan is located in a FEMA-Declared Disaster Area eligible for Individual Assistance, or The Borrower's place of employment is located in a FEMA-Declared Disaster Area eligible for Individual Assistance