Freddie Mac Offers Disaster Relief for Borrowers Affected by Isaac

""Freddie Mac"":http://www.freddiemac.com/ announced it has relief policies for borrowers impacted by Hurricane Isaac.

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The relief polices are specifically for Freddie Mac borrowers located in ""Louisiana"":http://www.whitehouse.gov/the-press-office/2012/08/29/president-obama-signs-louisiana-disaster-declaration and ""Mississippi"":http://www.whitehouse.gov/the-press-office/2012/08/29/president-obama-signs-mississippi-disaster-declaration jurisdictions declared by President Barack Obama as disaster areas.

In a statement, Freddie Mac strongly encouraged servicers to help borrowers in three ways: hold off on foreclosure and eviction measures for up to 12 months, waive late fees and penalties for those with damaged homes, and not report late payments caused by Isaac to credit bureaus.

""Freddie Mac has authorized the nation's mortgage servicers to provide a full range of mortgage relief options to affected borrowers with mortgages owned or guaranteed by Freddie Mac,"" said Tracy Mooney, SVP of single-family servicing and Real Estate Owned at Freddie Mac. ""Forbearance on mortgage payments for up to one year is one of several options our servicers have been instructed to offer borrowers on a case-by-case basis.""