Freddie Mac Extends Mortgage Relief to TX and OK Homeowners Impacted by Storms
On June 3, Freddie Mac released an update titled Freddie Mac Disaster Relief Extended to Eligible Borrowers Harmed by Texas, Oklahoma Storms.
Freddie Mac Disaster Relief Extended to Eligible Borrowers Harmed by Texas, Oklahoma Storms
MCLEAN, VA–(Marketwired – Jun 3, 2015) – Freddie Mac’s (OTCQB: FMCC) full menu of relief policies for borrowers affected by disaster is being extended to homeowners whose homes were damaged or destroyed by the powerful storms that swept through Oklahoma and Texas in late May. Freddie Mac’s disaster relief policies are targeted 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 Texas and Oklahoma residents whose homes or businesses were affected by these terrible storms to call their mortgage servicer. Borrowers with mortgages owned or guaranteed by Freddie Mac may benefit from our full range of mortgage relief options. These options include forbearance on mortgage payments for up to one year. We strongly encourage borrowers to contact their servicers to discuss mortgage relief.”
- 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.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com. Twitter: @FreddieMac
Please click here to view the online release.
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