Homeowners who were victims of the severe storms, tornadoes and flooding that occurred last month in Mississippi now have full access to Freddie Mac’s mortgage relief policies.
Through the government-sponsored enterprise’s relief policies, mortgage servicers help affected borrowers in presidentially declared major disaster areas where
To assist homeowners whose properties were damaged by the storms and floods, Freddie will suspend foreclosure and eviction proceedings for up to 12 months. The GSE will also waive assessments of penalties or late fees against borrowers with disaster-damaged homes and not report forbearance or delinquencies caused by the disaster to the nation’s credit bureaus.
Homeowners and renters can register for federal disaster assistance for temporary housing, home repairs, as well as other serious disaster-related expenses not met by insurance or other assistance programs. Also, individuals can apply for low-interest loans from the U.S. Small Business Administration that may cover residential and business losses not fully compensated by insurance.
“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, including forbearance on mortgage payments for up to one year,” said Tracy Mooney, senior vice president of single-family servicing and real estate owned at Freddie Mac.
“We strongly encourage borrowers to contact their servicers, who are authorized to work them on case-by-case basis.”
