Hurricane Michael prompts Freddic Mac to issue relief policies

Source: Alcynna Lloyd, HousingWire

In areas where the Federal Emergency Management Agency has yet to make individual assistance available, mortgage servicers are encouraged to leverage Freddie Mac’s short-term forbearance programs for those affected by the hurricane, according to the company.  Freddie Mac mortgage relief options eligible for those in disaster 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

Not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus

Read Full Article: Hurricane Michael prompts Freddic Mac to issue relief policies

 

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