MCLEAN, VA--(Marketwired - Sep 6, 2017) - Freddie Mac (OTCQB: FMCC) confirmed today that its disaster relief options will be available to homeowners in Puerto Rico, the U.S. Virgin Islands and the U.S. mainland as Hurricane Irma approaches.
Freddie Mac's disaster relief options will be available to borrowers with homes in presidentially-declared Major Disaster Areas where federal Individual Assistance programs are made available to affected individuals and households. Until then, servicers may leverage Freddie Mac's forbearance programs to provide immediate mortgage relief to borrowers affected by the storm.
"Freddie Mac is monitoring the approach of Hurricane Irma. We stand ready to work with the nation's servicers to ensure that mortgage relief is made available to homeowners who may be affected," said Yvette Gilmore, Freddie Mac's Vice President of Single-Family Servicer Performance Management. "If the storm impacts states and U.S. territories, we will instruct servicers to work with borrowers who have mortgages owned or guaranteed by Freddie Mac to provide up to 12 months of forbearance."
News facts:
- 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 reminds servicers that borrowers who work in eligible disaster areas but have homes in unaffected areas are also eligible 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 makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog.
MEDIA CONTACT:
Lisa Tibbitts
703-903-4510
Lisa_Tibbitts@FreddieMac.com
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.