Freddie Mac Confirms Disaster Relief Policies as Hurricane Irma Approaches Puerto Rico, U.S. Virgin Islands and U.S. Mainland
September 6, 2017
MCLEAN, VA–(Marketwired – Sep 6, 2017) – Freddie Mac (OTCQB: FMCC) confirmed today that its disaster relief options will be available to homeowners in Puerto Rico, the U.S. Virgin Islands and the U.S. mainland as Hurricane Irma approaches.
Freddie Mac’s disaster relief options will be available to borrowers with homes in presidentially-declared Major Disaster Areas where federal Individual Assistance programs are made available to affected individuals and households. Until then, servicers may leverage Freddie Mac’s forbearance programs to provide immediate mortgage relief to borrowers affected by the storm.
“Freddie Mac is monitoring the approach of Hurricane Irma. We stand ready to work with the nation’s servicers to ensure that mortgage relief is made available to homeowners who may be affected,” said Yvette Gilmore, Freddie Mac’s Vice President of Single-Family Servicer Performance Management. “If the storm impacts states and U.S. territories, we will instruct servicers to work with borrowers who have mortgages owned or guaranteed by Freddie Mac to provide up to 12 months of forbearance.”
- Freddie Mac disaster relief policies authorize mortgage servicers to help affected borrowers in presidentially declared Major Disaster Areas where federal Individual Assistance programs have been extended. A list of these areas can be found at http://www.fema.gov/disasters.
- 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 reminds servicers that borrowers who work in eligible disaster areas but have homes in unaffected areas are also eligible for Freddie Mac’s standard relief policies, which include forbearance or mortgage modifications.
- Affected borrowers should immediately contact their mortgage servicer, the company to which they send their monthly mortgage payment.
- See http://www.freddiemac.com/singlefamily/service for a description of Freddie Mac disaster relief policies.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog.
Source: Freddie Mac
Safeguard Properties (Hurricane Irma All Client Alert summary page)