On October 27th Freddie Mac announced disaster relief policies for borrowers affected by Hurricane Wilma in federally declared major disaster areas.

Included in the announcement;

• Freddie Mac gives servicers the discretion to reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie Mac-owned mortgages in the declared major-disaster areas. Each case is individually assessed to determine the borrower's situation and specific need for financial relief.
• Expediting the release of insurance proceeds to help borrowers secure materials, labor and other resources to repair their homes;
• Waiving assessments of penalties or late fees against borrowers with disaster-damaged homes;
• Not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus.

"While any hurricane is devastating, the extraordinary circumstances surrounding Hurricanes Katrina and Rita last month called for extraordinary relief measures. While serious, we believe the scope of Hurricane Wilma makes it appropriate for our response and relief options to fall within the scope of our standard relief and forbearance policies."

To view the full release please click on the following links

FHLMC Mortgage Relief for Borrowers Affected by Hurricane Wilma

FHLMC Mortgage Relief for Borrowers Affected by Hurricane Wilma (2)