Freddie Mac offers help to flooded out homeowners
Wednesday, April 21, 2010
McCLEAN, Va. -- Freddie Mac said Wednesday it will work with homeowners affected by recent floods to provide mortgage relief.
Freddie Mac will work with banks to help homeowners in Rhode Island, Massachusetts, New Jersey and West Virginia whose homes were damaged or destroyed and are located in federally declared major disaster areas.
The help could include reduced or suspended mortgage payments for up to 12 months for borrowers of Freddie Mac-owned mortgages.
Other options include:
- Waiving assessments of penalties or late fees against borrowers with disaster-damaged homes.
- Not reporting forbearance - when payments are suspended or reduced - or delinquencies caused by the disaster to credit bureaus.
- Suspending foreclosure and eviction proceedings for up to 12 months.
Each case must be individually assessed.
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