Posted To: MND NewsWire

Freddie Mac is invoking the same types of measures to protect homeowners in the face of the COVID-19 pandemic as it has previously taken in other natural disasters such as hurricanes. The company announced Thursday morning that it is suspending all foreclosure sales of properties securing its mortgages and evictions of borrowers living in homes owned by the company. That suspension is effective immediately and will extend to May 17, 2020. Freddie Mac said that period could be extended if the Federal Housing Finance Agency directs it. It is also offering a package of relief options for borrowers having trouble making their mortgage payments because of the financial disruptions caused by the virus. Among the provisions: Up to 12 months of forbearance. Waiving of penalties and/or late fees. Suspending…(read more)

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Source: Mortgage News Daily