The U.S. mortgage giant Freddie Mac, announced today that it has officially extended mortgage forbearance relief to Louisiana flood victims.

Louisiana homeowners with a Freddie Mac mortgage may have their foreclosures suspended and legal actions postponed for up to 12 months.

Homeowners in the areas declared “Major Disaster Areas” will receive mortgage assistance. A list of these areas can be found at http://www.fema.gov/disasters.

Yvette Gilmore, Freddie Mac vice president of single-family servicer performance management had said, “Freddie Mac strongly encourages borrowers whose homes or businesses were harmed by the floods to immediately call their mortgage servicer to discuss mortgage relief.”

“If their mortgage is owned or guaranteed by Freddie Mac, they may qualify for our full range of options, which includes forbearance on mortgage payments for up to one year,” Gilmore said.

Freddie Mac mortgage relief options for affected borrowers in these areas include:

  • Suspending foreclosures by providing forbearance for up to 12 months;
  • Waiving assessments of penalties or late fees against borrowers with disaster-damaged homes; and
  • Not reporting forbearance or delinquencies caused by the disaster to the nation’s credit bureaus.

See http://www.freddiemac.com/singlefamily/service for a description of Freddie Mac disaster relief policies.

Erik Sandstrom
LoanSafe's Mortgage Expert

I’m a Senior Loan Officer and LoanSafe mortgage expert. If you need a live rate quote, or need help getting a new mortgage, please call me direct anytime at 619-379-8999.