From the Wires
Freddie Mac Extends Evictions, Foreclosure Suspension in Hurricane Sandy Major Disaster Areas
By: Marketwired .
Jan. 31, 2013 02:15 PM
MCLEAN, VA -- (Marketwire) -- 01/31/13 -- In an effort to give families and communities affected by Hurricane Sandy more time to recover, Freddie Mac (OTC: FMCC) announced that it is extending its mandatory suspension of evictions and foreclosures involving homes secured by mortgages owned or guaranteed by Freddie Mac through April 30, 2013. The extensions build on Freddie Mac's November 13 announcement of storm relief for borrowers with homes or places of employment located in presidentially declared Major Disaster Areas where federal Individual Assistance programs are available. Freddie Mac is one of the nation's largest investors in residential mortgages.
Since Hurricane Sandy struck the Northeast, Freddie Mac has been continuously providing relief and support to borrowers and communities across the affected region. Freddie Mac staff are working on-site with hundreds of families at local borrower outreach events and training housing counselors on Freddie Mac's disaster relief options for borrowers. Freddie Mac has joined forces with local non-profit organizations and federal, state and local government task forces and commissions to expedite mortgage assistance and provide resources, including the short-term use of suitable REO homes as rental housing.
Today's announcement builds on Freddie Mac's standard disaster relief policies, which also instruct servicers to waive late fees or penalties against borrowers with disaster-damaged homes; and not report forbearance or delinquencies caused by the disaster to the nation's credit bureaus.
Attributable to Tracy Mooney, Senior Vice President of Single-Family Servicing and Real Estate Owned at Freddie Mac:
"Extending our policies is common sense given the extent of Hurricane Sandy's impact on borrowers and servicers. By working together with servicers and non-profit organizations we can help drive the recovery now underway in neighborhoods across the region."
For more information on mortgage payment relief, homeowners should contact their mortgage servicer -- the company to which they send their monthly mortgage payment -- or call Freddie Mac at 800-FREDDIE. Borrowers can determine if Freddie Mac owns their mortgage by using our loan look-up tool at https://ww3.freddiemac.com/corporate. Freddie Mac's general disaster relief policies are posted online at http://www.freddiemac.com/singlefamily/service/disastermgmt.html.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com.
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