Freddie Mac and the Department of Housing and Urban Development (HUD) announced mortgage assistance to home owners affected by Hurricane Irene, which recently battered the East Coast, causing massive flooding and severely damaging many homes in its path.
Freddie Mac says it will offer forbearance on mortgage payments for up to one year for home owners with property damage from Irene, as well as suspend
foreclosure and eviction proceedings for up to a year for distressed home owners affected by the storm. It will also waive assessments of penalties and late fees against home owners with damaged properties."Freddie Mac has authorized the nation's mortgage servicers to provide a full range of mortgage relief options to affected borrowers with mortgages owned or guaranteed by Freddie Mac," says Anthony Renzi, Freddie Mac’s executive vice president of single-family business, operations, and technology.
HUD also announced mortgage relief to storm victims in several states affected by Irene. For example, in Virginia, Connecticut, and other states affected, HUD said it would provide foreclosure relief and federally backed loans to home owners and low-income renters who were forced from their homes from Irene.
“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” says HUD Secretary Shaun Donovan. “Whether it’s foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can.”
SOURCE: HousingWire (Sept. 7, 2011) via RealtorMag (Sept. 8, 2011)
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