Freddie, Fannie Offer Mortgage Aid to Sandy Victims

October 31, 2012

Borrowers with Freddie Mac or Fannie Mae-backed loans who suffered damage to their homes by Hurricane Sandy may qualify for temporary forbearance on their mortgages.

Affected home owners with Freddie Mac-backed loans may be eligible for forbearance for up to a year on their mortgage. These home owners also may be eligible to have a foreclosure or eviction suspended for up to a year or have penalties or late fees waived on their mortgage. Home owners must live in the zones classified by President Obama as major disaster sites in order to qualify. 

Home owners with Fannie Mae-backed loans may be eligible for forbearance for up to 90 days. After that, a home owner’s individual situation could be evaluated to see if additional forbearance would be helpful, HousingWire reports. 

Source: “Fannie Mae, Freddie Mac Offer Mortgage Relief After Sandy,” HousingWire (Oct. 30, 2012)

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