Disaster relief for homeowners with Freddie Mac mortgages

Monday, May 02, 2011

Consumers with Freddie Mac owned mortgages whose homes have been damaged or destroyed by recent storms may be eligible for suspended mortgage payments for up to one year.

Freddie Mac announced today that it has instructed mortgage servicers to offer relief to homeowners affected by recent devastating storms in communities where the President has declared them major disaster zones.

Freddie Mac has told servicers that they may: • reduce or suspend mortgage payments for up to 12 months • Suspend foreclosure or evictions for up to 12 months • Waive penalties and late fees for homeowners with disaster-damaged homes • Not report delinquencies or forbearances to credit bureaus

For more information on mortgage payment relief, homeowners should contact their mortgage servicer - the company that they send their monthly mortgage payment to - or call Freddie Mac at1- 800- FREDDIE. Freddie Mac’s general disaster relief policies are posted online at Freddie Mac disaster managment .