Mortgage Relief for Struggling Sandy Victims

Hit by the superstorm? Have a mortgage with Freddie Mac? You may get a little relief…

Mortgage Relief for Struggling Sandy Victims Photo (cc) by USACEpublicaffairs

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.

Trending Stories

New! Solutions to Common Financial Struggles for People 50 and Older

New! Solutions to Common Financial Struggles for People 50 and Older

We've partnered with the largest nonprofit consumer counseling agency in the country to offer solutions to the most common financial struggles facing seniors including Medicare assistance, debt and budget counseling, Social Security maximization, help with paying bills, reverse mortgage counseling and foreclosure prevention.

How to Cut the Cable TV Cord in 2017

14 Ways to Maximize Your Social Security Checks

7 Ways to Declutter You Probably Haven't Tried

Comments

1,646 Active Deals

More Deals