SOURCE: Freddie Mac

Freddie Mac

June 27, 2016 10:35 ET

Freddie Mac Extends Disaster Relief to Eligible Borrowers in West Virginia

MCLEAN, VA--(Marketwired - Jun 27, 2016) - Freddie Mac's (OTCQB: FMCC) full menu of disaster relief policies is now available to homeowners whose homes or place of employment were damaged or destroyed by floods in West Virginia. 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.

"If your West Virginia home, business or employer was harmed by the floods now is the time to call your mortgage servicer to discuss temporary mortgage relief. Freddie Mac's disaster relief options include forbearance, in some cases for as long as year, for borrowers whose mortgages are owned or guaranteed by Freddie Mac," said Yvette Gilmore, vice president of single-family servicer performance management, Freddie Mac.

Freddie Mac disaster relief policies authorize mortgage servicers to help affected borrowers in presidentially declared Major Disaster Areas where federal Individual Assistance programs have been extended. (Servicers and borrowers can find an updated list of these areas at http://www.fema.gov/disasters.)

Freddie Mac disaster relief policies include suspending foreclosures by providing forbearance for up to 12 months, waiving 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.

See http://www.freddiemac.com/singlefamily/service for a description of Freddie Mac disaster relief policies.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.