Freddie Mac Helps Out With Mortgages

In the wake of the storms in the Southern United States, Freddie Mac is helping borrowers with their mortgages who had homes that were damaged or destroyed.

The government lender will aid with consumer debt relief by either lowering, or stopping mortgage payments altogether for the next year for its customers who have more pressing financial issues because of the emergency.

"Freddie Mac and the nation's mortgage servicers will work together to advance available mortgage relief to homeowners affected by these devastating storms," said Anthony Renzi, Freddie Mac's executive vice president of single-family business, operations and technology. "We have instructed our 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."

Servicers are encouraged by Freddie Mac to suspend all foreclosures and evictions for 12 months on approved cases, as well as not reporting missed payments to credit bureaus and getting rid of late fees.

All cases will be assessed by the lender, and assistance for homeowners will be determined by Freddie Mac.