Freddie Mac announces disaster relief for borrowers in South Carolina
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Relief policies are available to borrowers with homes in presidentially declared Major Disaster Areas.
Freddie Mac's disaster relief policies are available to borrowers with homes in presidentially declared Major Disaster Areas where federal Individual Assistance programs are being made available to affected individuals and households. Freddie Mac is one of the nation's largest investors in residential mortgages.
Freddie Mac mortgage relief options for affected borrowers in these areas include: suspending foreclosures by providing forbearance 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.
Freddie Mac is also reminding servicers to consider borrowers who work in eligible disaster areas, but have homes in unaffected areas, for Freddie Mac's standard relief policies, which include forbearance or mortgage modifications.
Affected borrowers should immediately contact their mortgage servicer - the company to which they send their monthly mortgage payment. ■