Evictions and Foreclosures Suspended by Freddie Mac in Hurricane ...

By News Desk, on November 9th, 2012

Freddie Mac announced that, after consultation with the Federal Housing Finance Agency, it is taking additional steps as part of its commitment to help borrowers affected by Hurricane Sandy including the immediate and mandatory suspension of evictions and foreclosures on homes secured by Freddie Mac owned-or guaranteed mortgages in eligible disaster areas.? The new policy changes are scheduled to go to mortgage servicers next week and build on Freddie Mac?s October 30 announcement of storm relief for borrowers with homes in presidentially declared Major Disaster Areas where federal Individual Assistance programs are available.? Freddie Mac is one of the nation?s largest investors in residential mortgages.

News Facts:
Freddie Mac is revising its disaster relief policies to authorize mortgage servicers to:

• Automatically suspend for 90-days evictions and foreclosure sales for borrowers with homes secured by Freddie Mac owned-or guaranteed mortgages and located in eligible disaster areas borrowers are still encouraged to contact their servicers to discuss their situation.? Freddie Mac disaster policies enable servicers to extend forbearance and repayment plans for up to 12 months on a case-by-case basis without prior Freddie Mac approval.
• Authorize servicers to verbally grant 90-day forbearances to all borrowers in eligible disaster areas, including borrowers with mortgages modified under the Home Affordable Modification Program (HAMP) or who are currently in a HAMP or Standard Modification Trial Period Plan.
• Expedite the distribution of insurance proceeds on storm damage claims to speed up repairs of storm-damaged homes.

Related posts:

1. HUD Issues 90-day Moratorium on Foreclosures for Homeowners in Disaster Areas
2. Evictions and foreclosure activities suspended over holidays for some borrowers
3. Freddie Mac offers loan modification ?room service? to help borrowers
4. Relief Available For Homeowners with Drywall Issues or Affected by Gulf Oil Spill
5. Over 360,000 borrowers have taken advantage of Fed?s Loan Modification Program

Source: http://realestateconsumernews.com/special-posts/evictions-and-foreclosures-suspended-by-freddie-mac-in-hurricane-sandy-disaster-areas/

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