Freddie Mac Extends Mortgage Relief to Borrowers Affected by Mississippi Storms
January 6, 2016
MCLEAN, VA–(Marketwired – Jan 6, 2016) – Freddie Mac’s (OTCQB: FMCC) full menu of disaster relief policies is now available to homeowners whose homes were damaged or destroyed by floods in Mississippi. 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. Freddie Mac is one of the nation’s largest investors in residential mortgages.
Attribute to Yvette Gilmore, Vice President of Single-Family Servicer Performance Management, Freddie Mac:
“Freddie Mac strongly encourages borrowers whose homes or businesses were harmed by the floods to immediately call their mortgage servicer to discuss mortgage relief. If their mortgage is owned or guaranteed by Freddie Mac they may qualify for our full range of options, which include forbearance on mortgage payments for up to one year.”
- 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 is also reminding servicers to consider borrowers who work in eligible disaster areas, but have homes in unaffected areas, 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.
Source: Freddie Mac