In the wake of the recent storm disaster that swept through Texas and Oklahoma in late May, Freddie Mac, one of the largest investors in residential mortgages, announced today in a press release that it will provide disaster relief polices for eligible residents. These policies are being offered to homeowners whose home were damaged or destroyed due to the incessant storms that affected these areas.
Freddie Mac's disaster relief policies are aimed at 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 strongly encourages Texas and Oklahoma residents whose homes or businesses were affected by these terrible storms to call their mortgage servicer,” said Yvette Gilmore, VP of single-family servicer performance management at Freddie Mac. “Borrowers with mortgages owned or guaranteed by Freddie Mac may benefit from our full range of mortgage relief options. These options include forbearance on mortgage payments for up to one year. We strongly encourage borrowers to contact their servicers to discuss mortgage relief."
The GSE is also requesting that servicers consider those borrowers who have homes in unaffected areas, but work in eligible disaster areas for standard Freddie Mac relief policies including forbearance and mortgage modifications, the press release says.
Freddie Mac says that affected borrowers should immediately contact their mortgage servicer, the company to which they send their monthly mortgage payment.
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
- Not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus.
Click here to view Freddie Mac's Disaster Relief Policies
Click here to view a list of Major Disaster Areas.