Freddie Reminds Servicers To Cut Some Slack To Gustav Victims

In McLean, Virginia, Freddie Mac announces:

• Freddie Mac today reminded its servicers of the disaster relief options available to borrowers with Freddie Mac-owned mortgages who were affected by Hurricane Gustav. [...] Servicers can offer relief under Freddie Mac guidelines to borrowers whose homes were damaged or destroyed, as well as borrowers who may be unable to make their mortgage payments because they were evacuated to avoid the storm. Servicers should assess each case individually to determine if relief is warranted and which option best fits the homeowner's circumstances.

• In addition, Freddie Mac gives servicers the discretion to reduce or suspend mortgage payments or foreclosure proceedings for up to 12 months for borrowers with Freddie Mac-owned mortgages in federally declared major-disaster areas where individual assistance was provided.

For more, see Freddie Mac Extends Mortgage Relief To Borrowers Affected By Hurricane Gustav.