Freddie Mac Offers Disaster Relief to Borrowers Harmed by Arkansas Storms

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Freddie Mac is now lending a helping hand to victims of the swarm of strong tornado activity this past week in the Midwest.
 
Freddie Mac has a  full menu of relief policies for borrowers affected by disaster is being extended to homeowners whose homes were damaged or destroyed by the powerful storm that swept through Arkansas and other states.
 
Tracy Mooney, Senior Vice President of Single-Family Servicing, Freddie Mac said, "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. These options include forbearance on mortgage payments for up to one year. We strongly encourage borrowers to contact their servicers to discuss mortgage relief."

Freddie Mac's disaster relief policies are targeted to borrowers with homes in jurisdictions President Obama has declared to be 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.
 
Disaster Relief Program Highlights:

• 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 https://www.fema.gov/disasters.

• Freddie Mac mortgage relief options for affected borrowers in these areas include:

• Suspending foreclosure 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.

To learn more about their disaster relief program, visit: https://www.freddiemac.com/singlefamily/service