Freddie Mac is reminding its servicers that they have the discretion to provide up to a year's worth of mortgage relief to borrowers affected by Hurricane Ike. Freddie Mac gives mortgage servicers the discretion to reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie Mac-owned mortgages in federally declared major-disaster areas. Servicers can offer relief to borrowers who cannot make mortgage payments because they were evacuated to avoid the storm as well as those whose homes were damaged. Servicers should assess each case individually to determine whether relief is warranted, the government-sponsored enterprise said. Freddie can be found online at http://www.freddiemac.com.
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