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Freddie Mac Extends Mortgage Relief to Midwestern Storm Victims

""Freddie Mac"":http://www.freddiemac.com borrowers whose homes were damaged or destroyed by the recent storms in the Midwest can now take advantage of the GSE's full menu of relief policies. Homeowners residing in counties declared major disaster areas by President Obama are eligible for assistance.

""In the wake of these astonishing storms, Freddie Mac has authorized the nation's mortgage servicers to provide a full range of mortgage relief options to affected borrowers[IMAGE] [COLUMN_BREAK]

with mortgages owned or guaranteed by Freddie Mac,"" said Anthony Renzi, EVP of single-family business, operations, and technology at the McLean, Virginia-based GSE.

""Options we have instructed our servicers to offer include granting forbearance on their mortgage payments for up to one year,"" Renzi added.

Freddie Mac's ""disaster relief policies"":http://www.freddiemac.com/singlefamily/service/disastermgmt.html allow servicers the discretion to reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie Mac-owned mortgages who were affected by a disaster. Each case is individually assessed to determine what assistance best fits the homeowner's circumstances.

Freddie Mac also encourages servicers to help affected borrowers by suspending foreclosure and eviction proceedings 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.

About Author: Heather Cernoch

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