MCLEAN, Va., Aug. 23, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today reminded Servicers of its disaster relief policies for people whose homes or places of employment have been affected by Hurricane Lane. Freddie Mac's disaster relief options become available to borrowers with homes in presidentially-declared disaster areas where the Federal Emergency Management Agency (FEMA) has made individual assistance programs available to affected individuals and households.
In areas where FEMA has not made individual assistance available, mortgage servicers may leverage Freddie Mac’s short-term forbearance programs to provide immediate mortgage relief to their borrowers that have been affected by the hurricane.
“At this time, it is important for those in the path of the storm to focus on their safety,” said Yvette Gilmore, Freddie Mac’s Vice President of Single-Family Servicer Performance Management. “Once out of harm’s way, we strongly encourage homeowners on the Hawaiian Islands whose homes or places of employment have been impacted by Hurricane Lane to call their mortgage servicer—the company to which borrowers send their monthly mortgage payments—to learn about available relief options.”
- Freddie Mac disaster relief policies authorize mortgage servicers to help affected borrowers in federally-declared Major Disaster Areas where federal individual assistance programs have been extended. A list of these areas can be found on the FEMA’s website.
- 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 reminding servicers to consider borrowers who are impacted by the storm, but who live and work outside of an eligible disaster area where individual assistance has been made available, 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, @FreddieMac and Freddie Mac's blog.
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