Freddie Mac has announced that it is encouraging its servicers to help borrowers affected by the wildfires in Southern California.The company's disaster relief guidelines, which are designed to allow victims to avoid further financial damage, allow affected Freddie Mac borrowers to reduce or suspend mortgage payments for up to one year. The company is also asking servicers to waive assessments of penalties or late fees to victims of the fires, not to report forbearance or delinquencies caused by the fires, and to expedite the release of insurance claims.
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