Freddie Mac Announces Relief For Gulf Coast Borrowers

Posted by Orb Staff on June 18, 2010 No Comments
Categories : Mortgage Servicing

ing Fannie Mae's lead, Freddie Mac has announced that servicers may grant relief to Gulf Coast borrowers who are unable to pay their loans because of the current oil spill's impact on their incomes. Freddie Mac's forbearance policies give servicers the discretion to suspend a borrower's mortgage payments for up to three months or reduce payments for up to six months. Servicers may recommend forbearance for up to 12 months, based on the borrower's individual circumstances. Under Freddie Mac's requirements, servicers must not accrue or collect late charges from the borrower during a short-term forbearance or any subsequent repayment plan period if the borrower is paying according to the forbearance agreement. SOURCE: [link=http://freddiemac.com/news/archives/servicing/2010/20100617_relief.html]Freddie Mac

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