MCLEAN, VA – March 13, 2013 – (RealEstateRama) — 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 storms and floods that swept through Mississippi last February and are located in jurisdictions that the President has declared to be Major Disaster Areas and where federal Individual Assistance programs are made available to affected individuals and households. Freddie Mac is one of the nation’s largest investors in residential mortgages.
Attributed to Tracy Mooney, Senior Vice President of Single-Family Servicing and Real Estate Owned at Freddie Mac:
“Freddie Mac is reminding the nation’s mortgage servicers they can provide a full range of mortgage relief options to affected borrowers with mortgages we own or guarantee (or use owned or guaranteed by Freddie Mac), including forbearance on mortgage payments for up to one year. We strongly encourage borrowers to contact their servicers, who are authorized to work with them on case-by-case basis.”
- 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 foreclosure and eviction proceedings 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.
- Affected borrowers should contact their mortgage servicer — the company to which they send their monthly mortgage payment — for more information. A description of Freddie Mac disaster relief policies can be found at freddiemac.com/singlefamily/service/disastermgmt.html.
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.