Freddie Mac Extends Relief Policies For Hurricane Victims

Posted by Orb Staff on September 04, 2012 No Comments
Categories : Mortgage Servicing

12313_freddie-mac Freddie Mac Extends Relief Policies For Hurricane Victims Freddie Mac has announced the extension of its borrower relief policies for Louisiana and Mississippi homeowners whose residences were damaged or destroyed by Hurricane Isaac.

Freddie Mac is also encouraging servicers to help affected borrowers with Freddie Mac-owned loans by suspending foreclosure and eviction proceedings for up to 12 months, waiving assessments of penalties or late fees against borrowers with disaster-damaged homes, and not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus. Freddie Mac's general disaster relief policies are posted online.

‘Freddie Mac has authorized the nation's mortgage servicers to provide a full range of mortgage relief options to affected borrowers with mortgages owned or guaranteed by Freddie Mac,’ says Tracy Mooney, senior vice president of single-family servicing and real estate owned at Freddie Mac. ‘Forbearance on mortgage payments for up to one year is one of several options our servicers have been instructed to offer borrowers on a case-by-case basis.’

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