Industry News

Freddie Mac offers mortgage relief to Hurricane Wilma victims

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

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 reli...