Freddie Mac Home Loan Mortgage Payment Reductions And Forbearance Options–Help For Southern Homeowners Facing Storm Damage

Freddie Mac has offered home loan debt relief options on mortgage payments for individuals who have suffered from recent storms that swept through the southern United States and did a substantial amount of damage to properties as a result of severe thunderstorms, hail, and tornadoes. Obviously, homeowners who are attempting to rebuild their homes and repair damage that has been done are in a position where meeting a mortgage payment may be troublesome as many businesses also suffered during the storms and may not be operational at the present time. However, it was stated that Freddie Mac and some of the nation’s mortgage servicers are going to help make affordability options available to homeowners and offer help to these Southern homeowners who are still repairing damage from the storms.

It was reported on FreddieMac.com that Freddie Mac has instructed “servicers to work with borrowers with Freddie Mac-owned mortgages affected by these terrible storms to grant forbearance on their mortgage payments for up to one year.” Homeowners may also be able to not only find forbearance on their mortgage payments for a substantial amount of time as they look to rebuild their homes, but it has been reported that Freddie Mac has also encouraged their servicers to suspend foreclosures and evictions proceedings for up to a year, wave penalties or late fees against borrowers in these homes that were damaged and not report forbearance or delinquencies to major credit bureaus in cases where homeowners are suffering from the effects of these catastrophic weather systems.

Homeowners are still being prompted to contact their mortgage servicer if they feel they may qualify for these relief options as home loan mortgage payment reductions and forbearance opportunities could go a long way in helping many of these homeowners as they continue to rebuild their home and recover from damage that was done. Obviously, most of the nation is aware that these storms created a great deal of destruction to not only properties but lives as well, and in these cases, it’s hoped that major mortgage servicers and homeowners can come to some form of agreement so that mortgage payment obligations and other costs related to a homeowner’s home loan debt can either be reduced or eliminated until they can get back on their feet.

Understandably, not all homeowners may qualify for this form of assistance, as the severity all the storms and damage that was done will vary from one state to another and even from one area to another within these disaster zones that were particularly hard hit by storms. However, homeowners who are still seeing the effects of the storm and are also facing financial troubles in relation to their mortgage payments can explore these debt relief options as, again, assistance at the present time would be greatly beneficial for their particular situation, since even the peace of mind that comes to homeowners who have suffered a great deal of damage will be greatly appreciated if a homeowner can work with their servicer and Freddie Mac to find a solution that will allow them to either reduce or eliminate their mortgage payment for a set period of time.