Freddie Mac has authorized its mortgage servicers to extend all of the company's mortgage relief options to its borrowers along the Gulf Coast affected by last week's hurricane. Homeowners located in those Louisiana and Mississippi jurisdictions designated by President Obama as Major Disaster Areas are eligible for the assistance if their homes were damaged by Hurricane Isaac or its resulting floods.
Under Freddie Mac's disaster relief policies servicers are authorized to:
- Suspend foreclosure and eviction proceedings for up to 12 months;
- Waive assessments of penalties or late fees against borrowers with disaster-damaged homes; and
- Suspend reporting of forbearance or delinquencies caused by the disaster to the nation's credit bureaus.
"Freddie Mac has authorized the nation's mortgage servicers to provide a full range of mortgage relief options to affected borrowers with mortgages owned or guaranteed by Freddie Mac," said Tracy Mooney, Senior Vice President of Single-Family Servicing and Real Estate Owned at Freddie Mac. "Forbearance on mortgage payments for up to one year is one of several options our servicers have been instructed to offer borrowers on a case-by-case basis."
For more information on mortgage payment relief, homeowners should contact their mortgage servicer - the company to which they send their monthly mortgage payment - or call Freddie Mac at 800-FREDDIE
