Industries Banking/Finance

Freddie Mac offers mortgage relief to storm victims

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Freddie Mac is offering mortgage relief to people whose homes were damaged or destroyed by severe storms in the South that leveled neighborhoods and killed almost 300 people.

The relief will be applied to counties that the Obama administration has declared as “major disaster areas.”

“Freddie Mac and the nation’s mortgage servicers will work together to advance available mortgage relief to homeowners affected by these devastating storms,” Freddie Mac executive vice president of single-family business, operations and technology, said in a statement.  Anthony Renzi. “We have instructed our servicers to work with borrowers with Freddie Mac-owned mortgages affected by these terrible storms to grant forbearance on their mortgage payments for up to one year.”

Freddie Mac, based in McLean, offers a number of ways mortgage services can help borrowers in major disaster areas. Freddie Mac encourages these companies to stop foreclosure and eviction proceedings, waive fees or penalties for borrowers with damaged homes, and not report forbearance or delinquencies to nation’s credit bureaus.

Counties that have been listed as major disaster areas can be found on the website of the Federal Emergency Management Agency (FEMA).

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