The suspension will run 90-days for evictions and foreclosure sales for borrowers with homes secured by Freddie Mac owned-or guaranteed mortgages and located in eligible disaster areas.
Freddie officials will expedite the distribution of insurance proceeds on storm damage claims to speed up repairs of storm-damaged homes.
Additionally, Freddie Mac will maintain pricing that was in place at the time of the storm for mortgages that are secured by homes in eligible disaster areas and delivered through Freddie Mac’s bulk guarantor channel.
According to Tracy Mooney, Senior Vice President of Single-Family Servicing and Real Estate Owned at Freddie Mac, “Given early assessments of Hurricane Sandy’s devastating impact, we are preparing steps that will authorize automatic and immediate action by the nation’s mortgage servicers to help more borrowers with mortgages owned or guaranteed by Freddie Mac. These steps are intended to provide borrowers with peace of mind and help lay the groundwork for a faster recovery in the neighborhoods and communities affected by the storm.”
For more information on mortgage payment relief, homeowners should contact their mortgage servicer “ the company to which they send their monthly mortgage payment “ or call Freddie Mac at 800-FREDDIE.
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