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GSE Extend Mortgage Relief to Borrowers Impacted by Tornadoes

""Fannie Mae"":http://www.fanniemae.com/portal/index.html and ""Freddie Mac"":http://www.freddiemac.com/ reminded servicers of mortgage relief options available to homeowners whose residences were affected by the tornado that ravaged areas in Oklahoma.

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Relief options for borrowers in disaster areas include delayed foreclosure and eviction proceedings, waived penalties and late fees, forbearance on mortgage payments, among other forms of assistance.

""Our servicers are required to offer assistance to homeowners who have been affected by a natural disaster,"" said Leslie Peeler, SVP at Fannie Mae. ""We know that many people have had their lives impacted as a result of this tornado and our thoughts and prayers are with them. We will work with our servicers to make sure they are providing the appropriate options to borrowers.""

""Freddie Mac is urgently reminding the nation's mortgage servicers about the full range of mortgage relief options they can provide to affected borrowers with mortgages we own or guarantee, including forbearance on mortgage payments for up to one year. We strongly encourage borrowers to contact their servicers, who are fully authorized to work with them on a case-by-case basis,"" said Tracy Mooney, SVP for Freddie Mac.

The GSEs advised affected borrowers to contact their mortgage servicer to receive assistance.

About Author: Esther Cho

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