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June 20, 2008
GSE to Servicers: Help Flood Victims
Freddie Mac will provide mortgage relief to homeowners who have been affected by the recent floods in the Midwest. Loan servicers have been instructed by the federally chartered company to use their discretion on how to assist borrowers with home loans owned by Freddie Mac, such as by reducing or suspending mortgage payments for up to 12 months. Freddie Mac will also allow servicers to waive penalties or late fees and suspend foreclosure and eviction proceedings for as long as a year.
Posted by S. Germain at June 20, 2008 08:01 AM