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Hurricane Sandy was the last thing sinking homeowners needed. But Freddie Mac’s cutting those folks a break where Mother Nature wouldn’t…
Freddie Mac’s full menu of relief policies for borrowers affected by disaster is being extended to homeowners whose homes were damaged or destroyed by Hurricane Sandy and are located in jurisdictions that the President has declared to be Major Disaster Areas and where he has made federal Individual Assistance programs available to affected individuals and households.
Freddie Mac strongly encourages servicers to help affected borrowers with Freddie Mac-owned loans by:
- Suspending foreclosure and eviction proceedings for up to 12 months;
- 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.
For more info, call your loan servicer or 800-FREDDIE, and check out their general disaster relief policies.