MCLEAN, Va., Oct. 30, 2012 /PRNewswire/ -- Freddie Mac's (OTC: FMCC) full menu of relief policies for borrowers affected by disaster is being extended to homeowners whose homes were damaged or destroyed by Hurricane Sandy and are located in jurisdictions that the President has declared to be Major Disaster Areas and where he has made federal Individual Assistance programs available to affected individuals and households. Freddie Mac is one of the nation's largest investors in residential mortgages.
"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."
Freddie Mac disaster relief policies provide a number of ways for mortgage servicers to help affected borrowers in the Major Disaster Areas where federal Individual Assistance programs have been extended.
Freddie Mac strongly encourages servicers to help affected borrowers with Freddie Mac-owned loans by:
- 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.