Freddie Mac Confirms Disaster Relief Policies As Hurricane Dorian Approaches
Updated 9/6/19: Freddie Mac issued a release reminding clients of disaster relief policies as Hurricane Dorian makes landfall on the U.S. mainland.
August 29, 2019
Source: Freddie Mac
MCLEAN, Va., Aug. 29, 2019 (GLOBE NEWSWIRE) — Freddie Mac(OTCQB: FMCC) today reminded mortgage servicers of its disaster relief policies for borrowers as Hurricane Dorian approaches Florida. Freddie Mac’s disaster relief options are available to borrowers whose homes or places of employment are located in presidentially-declared Major Disaster Areas where federal individual-assistance programs are made available to affected individuals and households.
In areas where the Federal Emergency Management Agency (FEMA) has not yet made individual assistance available, mortgage servicers may immediately leverage Freddie Mac’s short-term forbearance programs to provide mortgage relief to their borrowers that have been affected by hurricane damage.
“As Hurricane Dorian approaches, we stand ready to ensure mortgage relief is made available to affected borrowers in eligible disaster areas,” said Yvette Gilmore, Freddie Mac’s Vice President of Single-Family Servicer Performance Management. “Once safely out of harm’s way, we strongly encourage homeowners whose homes or places of employment are impacted by the hurricane damage to call their mortgage servicer—the company borrowers send their monthly mortgage payments to— so they can learn about available relief options.”
- Freddie Mac disaster relief policies authorize mortgage servicers to help affected borrowers in federally-declared Major Disaster Areas where federal individual assistance programs have been extended. A list of these areas can be found on the FEMA’s website.
- 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 reminding Single-Family servicers to consider borrowers who are impacted by Hurricane Dorian, but who live or work outside of an eligible disaster area, for Freddie Mac’s standard relief policies, which include forbearance and 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, @FreddieMac and Freddie Mac’s blog.
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