Mortgage loan company Freddie Mac (FMCC) on Wednesday said that it would delay sales of foreclosed homes in areas ravaged by Hurricanes Harvey and Irma until the end of the year, and halt all further eviction notices of homeowners in those areas, Reuters reports.
The company also said it is working to guarantee that property inspection costs are not passed on to borrowers if the land in question has been affected by the Hurricanes.
"They may be able to put their mortgage payments on hold for up to one year if their mortgage is owned or guaranteed by Freddie Mac. The first step is for borrowers to contact their mortgage servicers -- the companies they send their payments to each month," Yvette Gilmore, Freddie Mac's VP of single-family servicer performance management, said.
Shares of Freddie Mac were rising over 1% in afternoon trading on Wednesday.
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