Freddie Mac Announces Relief for Eligible Borrowers, Employers, Employees in South Carolina Disaster Areas
Investor Update
October 6, 2015
We’re making our full menu of disaster relief policies available to homeowners whose homes were damaged or destroyed by the powerful storms that swept through South Carolina. Freddie Mac’s disaster relief policies are available to borrowers with homes in presidentially declared Major Disaster Areas where federal Individual Assistance programs are being made available to affected individuals and households. A list of these areas can be found at http://www.fema.gov/disasters ..
Freddie Mac strongly encourages South Carolinians whose homes or businesses were harmed by Hurricane Joaquin’s torrential downpours to call their mortgage servicer (the company to which they send their monthly mortgage payment) as soon as possible. If their mortgage is owned or guaranteed by Freddie Mac they may qualify for our full range of mortgage relief options. These options include forbearance on mortgage payments for up to one year.
- Freddie Mac mortgage relief options for affected borrowers in these areas include: Suspending foreclosures by providing forbearance 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 is also reminding servicers that disaster relief policies are not limited to those borrowers whose homes reside in eligible disaster areas, but also to those borrowers whose place of employment resides in an eligible disaster area
Again, borrowers whose home or place of business is in a disaster area, borrowers should immediately contact their mortgage servicer – the company to which they send their monthly mortgage payment.
Source: Freddie Mac
