Posted To: MND NewsWire
Both Fannie Mae and Freddie Mac are reminding homeowners and mortgage servicers that their disaster relief options are in effect for those affected by the outbreak of tornadoes last week that struck Kentucky, Tennessee, and Illinois. The options are available to homeowners whose homes or workplaces are located in presidentially declared major disaster areas. Both GSEs have authorized servicers to grant up to 12 months of forbearance from mortgage payments. This relief will not result in late fees or penalties. Foreclosures and other legal proceedings are suspended during the forbearance period. “We encourage everyone to make their safety the priority,” said Bill Maguire, Freddie Mac’s Vice President of Single-Family Servicing Portfolio Management. “Along with our mortgage servicers, Freddie…(read more)
Source: Mortgage News Daily
