Freddie Mac Confirms Disaster Relief Policies as Hurricane Maria Impacts Puerto Rico and U.S. Virgin Islands

/EINPresswire.com/ -- MCLEAN, VA--(Marketwired - Sep 21, 2017) - Freddie Mac (OTCQB: FMCC) confirmed today that its disaster relief options will be available to homeowners in Puerto Rico and the U.S. Virgin Islands who have been impacted by Hurricane Maria.

"Freddie Mac urgently reminds the nation's servicers about the full range of mortgage relief options they can provide to affected borrowers, beginning with 90 days of forbearance and extending out to 12 months if necessary," said Yvette Gilmore, Freddie Mac's Vice President of Single-Family Servicer Performance Management. "It's important to remember that borrowers who work in eligible disaster areas but have homes in unaffected areas can also receive relief."

Freddie Mac's mortgage relief options available to borrowers whose homes or places of employment have been impacted include:

• Providing up to 12 months of forbearance, or potentially more if needed;
• Waiving assessments of penalties or late fees; and
• Not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus.

A description of Freddie Mac's disaster relief policies can be found here.

In general, Freddie Mac's disaster relief options are available to borrowers with homes or places of employment in presidentially-declared major disaster areas where federal individual assistance programs have been made available. A list of these areas can be found on the Federal Emergency Management Agency website.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog.