Federal Home Loan Mortgage Corp (OTCBB:FMCC) full list of relief policies for borrowers adversely affected by disaster is being extended to borrowers whose homes were destroyed or damaged by the powerful storms that swept through Texas and Oklahoma in late May. The disaster relief policies of mortgage giant is targeted to borrowers with their houses in presidentially stated Major Disaster Areas where government Individual Assistance plans are being offered to affected households and individuals. Federal Home Loan is one of the country’s largest investors in housing mortgages.
Federal Home strongly encourages Oklahoma and Texas residents whose businesses or homes were affected by terrible storms to seek their respective mortgage servicer. Borrowers with mortgages guaranteed or owned by Freddie may benefit from the wide range of mortgage relief solutions. This list includes moderation on mortgage payments for maximum one year. The news stated that borrowers should contact their servicers to get details about mortgage relief.
Federal Home disaster relief policies approve mortgage servicers to assist affected borrowers in presidentially affirmed Major Disaster Areas. These are the regions where Federal Individual Assistance Plans have been extended. The relief options offered by mortgage giant include suspending foreclosures by offering forbearance for maximum 12 months. The second option is to waive assessments of late fees or penalties against borrowers with disaster affected homes. The last option is to not to report delinquencies or forbearance caused by the disaster to the country’s credit bureaus.
Federal Home is reminding servicers to cover borrowers who work in declared disaster areas, but have houses in unaffected regions, for Freddie’s typical relief policies, which comprise mortgage modifications or forbearance. The affected borrowers are instructed to get in touch with their mortgage servicer.
In last trading session, the stock price of Federal Home Loan Mortgage Corp (OTCBB:FMCC) declined more than 1% to close the trading session at $2.43.