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Servicing / The Ticker

Freddie Mac extends mortgage relief options to Illinois tornado victims

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Illinois tornado victims with Freddie Mac-linked mortgages will receive a series of potential relief options to help them deal with the storm’s aftermath.

Freddie’s Senior Vice President of Single-Family Servicing and REO Tracy Mooney noted that the series of options include mortgage payment and foreclosure forbearances up to one year, a waiver of late fees and penalties against borrowers with damaged homes and an agreement not to report any forbearances stemming from the disaster to U.S. credit bureaus.

A list of designated disaster areas can be found at FEMA’s website.

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