Freddie Offers Mortgage Relief to Flood Victims

June 4, 2015

Freddie Mac is offering mortgage relief options to borrowers in Texas and Oklahoma who have been affected recently by the massive amounts of rainfall and flooding throughout the states.

The mortgage giant announced that any home owners affected who have mortgages owned or guaranteed by Freddie Mac can access mortgage relief, such as forbearance on mortgage payments for up to one year. Affected home owners are those whose homes were damaged or destroyed by the storms in the two states. 

Freddie Mac also is including relief options like waiving assessments of penalties or late fees against borrowers who have had their homes damaged. Freddie Mac further says that it will not report forbearance or delinquencies caused by the disaster to the national credit bureaus.

"Freddie Mac strongly encourages Texas and Oklahoma residents whose homes or businesses were affected by these terrible storms to call their mortgage servicer," says Yvette Gilmore, Freddie Mac's vice president of single-family servicer performance management.

Source: Freddie Mac