Insurer United Guaranty is the latest firm in the mortgage finance space to offer relief to homeowners suffering in the wake of Hurricane Sandy.
The mortgage insurer announced that it's working with mortgage servicers to give affected homeowners relief in the form of forbearance measures to prevent foreclosures as Northeast residents deal with the aftermath of the storm.
The initiative is designed for loans currently in process. Servicers only have to follow the guidelines for dealing with situations as outlined by Fannie Mae and Freddie Mac. As long as those guidelines are followed, servicers are not required to obtain prior approvals.
United Guaranty is the latest firm in the mortgage finance space offering relief. Major banks and other private insurers also announced plans last week to give impacted homeowners relief.