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Freddie Mac and HUD Provide Irene Victims with Mortgage Relief

By Mike WheatleySeptember 09, 2011
  • Homeowners who were affected by Hurricane Irene are to be offered assistance by Freddie Mac, following the massive damage resulting from flooding caused by the storm.

    mortgage relief
    Hurricane Irene victims granted foreclosure relief © Torian - Fotolia.com

    Freddie Mac announced that it would offer homeowners impacted by Irene a period of forbearance on their mortgage repayments up to one year, in addition to a 12 month suspension of foreclosure proceedings and evictions on distressed properties that were damaged by the hurricane. The bank also said that penalty assessments and late fees would also be waived on those homes which sustained damage.

    Vice president of Freddie Mac, Anthony Renzi, said in a statement that:

    “Freddie Mac has authorized mortgage servicers a wide range of mortgage relief options for affected borrowers with mortgages guaranteed or owned by Freddie Mac.”

    The Department of Housing and Urban Development (HUD), has similarly announced a relief package for Irene-affected homeowners. It said that in states such as Connecticut for example, federally backed loans and foreclosure relief would be granted to thousands of homeowners and renters who had been forced to flee from their homes in the face of Hurricane Irene.

    Shaun Donovan, HUD’s secretary, pointed out that “Those families forced out of their homes want to know what kind of assistance they are going to get, so they can start rebuilding.”

    “HUD intends to be ready to assist families in every way we can, from foreclosure relief to extra money for recovery.”

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