Mortgage servicers can suspend mortgage payments or provide other short-term relief to borrowers with Freddie Mac-owned mortgages following Hurricane Wilma, the mortgage giant said today.

The policy applies to borrowers affected by Hurricane Wilma in federally declared major disaster areas, Freddie Mac said. Servicers collect monthly mortgage payments on Freddie Mac’s behalf.

Freddie Mac gives servicers the discretion to reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie Mac-owned mortgages in the declared major-disaster areas, Freddie Mac said. Each case is individually assessed to determine the borrower’s situation and specific need for financial relief.

“By working together, Freddie Mac and the nation’s mortgage servicers can help relieve borrower anxiety about making next months mortgage payment so they can focus their energies on rebuilding their lives and homes,” said Richard F. Syron, Freddie Mac Chairman and CEO, in a statement.

“The relief measures we’re announcing today are also intended to expedite the release of insurance proceeds to help borrowers secure materials, labor and other resources to get the home repair process underway,” Syron said.

Freddie Mac’s disaster relief policies also strongly encourage servicers to extend several other measures to help affected borrowers with Freddie Mac-owned loans.

These include expediting the release of insurance proceeds to help borrowers secure materials, labor and other resources to repair their homes; 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.

Mortgage servicers working with Freddie Mac have helped more than 100,000 families over the past two years from losing their homes due to financial difficulties.


Send tips or a Letter to the Editor to or call (510) 658-9252, ext. 140.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription