Posted on Monday, 30th May 2011 by Charlotte W
Homeowners who suffered property damage during the recent tornado outbreaks around Joplin, Missouri and elsewhere in the Midwest may qualify for suspended mortgage payments or other mortgage relief.
Mega-lender Freddie Mac announced today that it is authorizing its mortgage servicers to make available the full range of its disaster relief policies available to borrowers whose homes were destroyed or damaged during the storms. To qualify, borrowers must have a mortgage backed by Freddie Mac and live in counties declared by President Obama to be federal disaster areas. These measures include: -Reducing or suspending mortgage payments for up to 12 months -Suspending foreclosure actions or evictions for up to 12 months -Waiving penalties or late fees for missed or late mortgage payments for borrowers with storm-damaged homes -Not reporting to credit agencies missed payments or mortgage forbearances related to the storms -Help with federal, state and local disaster assistance -Monitoring and coordinating insurance claims All such assistance will at the discretion of the mortgage servicers, who will evaluate borrowers on a case-by-case basis to determine what assistance they deem appropriate. The same assistance was previously extended to homeowners affected by the major outbreak of tornadoes in Alabama and other parts of the South in April. To inquire about assistance, borrowers should contact the mortgage servicer they send their mortgage payments to or call Freddie Mac at 1-800-FREDDIE. Fannie Mae, Freddie Mac’s sibling lender, has not announced similar relief measures at this time.
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Tags: Mortgage Relief, Tornado
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