Hurricane Maria Disaster Relief Update
Following closely on the heels of recent presidential disaster declarations in the Commonwealth of Puerto Rico and the U.S. Virgin Islands, Freddie Mac confirms its disaster relief policies will be available to affected borrowers in eligible disaster areas of Puerto Rico and the U.S. Virgin Islands whose homes or places of employment have been impacted by Hurricane Maria.
Freddie Mac’s mortgage relief options include:
- Providing up to 12 months of forbearance, or possibly more if needed;
- Waiving penalties or late fees assessed; and
- Absence of reporting forbearance or delinquencies caused by the disaster to credit bureaus.
For complete details on Freddie’s Press Release regarding Hurricane Maria read here:
Please visit our website to review the other recent industry updates related to natural disasters.
Proctor will continue to monitor federal, state and investor requirements for disaster assistance and will provide updates as they develop.