MCLEAN, VA--(Marketwired - Oct 6, 2015) - Freddie Mac's (OTCQB: FMCC) full menu of disaster relief policies is now available to homeowners whose homes were damaged or destroyed by the powerful storms that swept through South Carolina. Freddie Mac's disaster relief policies are available to borrowers with homes in presidentially declared Major Disaster Areas where federal Individual Assistance programs are being made available to affected individuals and households. Freddie Mac is one of the nation's largest investors in residential mortgages.
Attribute to Yvette Gilmore, Vice President of Single-Family Servicer Performance Management, Freddie Mac:
"Freddie Mac strongly encourages South Carolinians whose homes or businesses were harmed by Hurricane Joaquin's torrential downpours to call their mortgage servicer as soon as possible. If their mortgage is owned or guaranteed by Freddie Mac they may qualify for our full range of mortgage relief options. These options include forbearance on mortgage payments for up to one year."
- Freddie Mac disaster relief policies authorize mortgage servicers to help affected borrowers in presidentially declared Major Disaster Areas where federal Individual Assistance programs have been extended. A list of these areas can be found at http://www.fema.gov/disasters.
- Freddie Mac mortgage relief options for affected borrowers in these areas include:
- Suspending foreclosures by providing forbearance 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.
- Freddie Mac is also reminding servicers to consider borrowers who work in eligible disaster areas, but have homes in unaffected areas, for Freddie Mac's standard relief policies, which include forbearance or mortgage modifications.
- Affected borrowers should immediately contact their mortgage servicer -- the company to which they send their monthly mortgage payment.
- See http://www.freddiemac.com/singlefamily/service for a description of Freddie Mac disaster relief policies.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com. Twitter: @FreddieMac
The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac's future performance, including financial performance, is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the company's future results are discussed more fully in our reports filed with the SEC.