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Freddie Mac Offers Morgage Relief for Military Service Members

On November 8, Freddie Mac released a notice titled Freddie Mac Offers Mortgage Relief for Military Service Members.

Freddie Mac Offers Mortgage Relief for Military Service Members

When service members complete their military assignments, the transition back to civilian life can be difficult. In some cases they are unable to purchase new homes, or continue with the mortgage payments on their current homes.

Freddie Mac recognizes the commitment and sacrifices our service members and their families make every day, and we continue to demonstrate our support by actively seeking ways to provide mortgage relief to members of the U.S. military and their families.

How Servicers Can Help

Helping military families during and after their service to our country is a priority we all share. The Servicemembers Civil Relief Act (SCRA) and state military relief laws provide service members with various forms of relief from debt, including mortgage obligations during a period of military service. That’s why we require Servicers to comply with the SCRA to support military homeowners.

In situations where a service member experiences hardship but does not qualify for protection under the SCRA, Servicers should review Single-Family Seller/Servicer Guide (Guide) Chapters 64 and 82 for the full menu of relief or workout options, including:

  • Extending the SCRA foreclosure protection to all service members during their period of military service and for one year after their military service ends, regardless of when their mortgage obligation originated
  • Allowing foreclosure forbearance when the mortgaged premises is the Primary Residence of a service member or a dependent, even if the borrower is not a service member

If a borrower requires additional relief, please contact your Freddie Mac representative.

Borrower Spotlight – How a Captain Kept His Family’s Home While Serving His Country

Last year, Captain Jonathan Williams* received Permanent Change of Station (PCS) orders that required him to be overseas for 12 months. With 10+ years in the U.S. Marine Corps, Captain Williams, along with his wife and three young children, understood relocation was a possibility, even if it was temporary. While overseas, he still wanted to maintain stability for his family by making sure they returned back to their home in the U.S. at the end of the 12 months.

He continued making mortgage payments through his savings funds while overseas. Unfortunately, the savings fund ran out and Captain Williams knew he had to find assistance elsewhere to keep his home while serving his country abroad.

Captain Williams started with his Servicer. He requested an assessment but was disappointed when they responded saying he was ineligible for assistance since the home was not currently owner occupied. As a last resort, Captain Williams contacted the Freddie Mac Homeowner Assistance and Response Team (HART) to find out how we could help him keep his home.

How Freddie Mac Helped

After a detailed consultation with Captain Williams that showed he was in financial good standing, a HART agent determined that a Freddie Mac Standard Modification Trial Period Plan could help Captain Williams keep his home. Captain Williams is now beyond thrilled. He returns to the U.S. with his family in three months and is so relieved he does not have to worry about finding another home. Freddie Mac was able to give Captain Williams peace of mind and financial stability.

As Captain Williams’ story illustrates, together we can work toward solutions that help service members and their dependents stay in their homes.

*The service member’s name has been changed to protect his privacy.
 
More Information

To view the online notice, please click here.

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders,  and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties