February 14, 2006
Freddie Mac extends foreclosure hiatus
National mortgage company Freddie Mac recently announced that it was extending its suspension of foreclosures until May 31 in 21 parishes and counties in Louisiana, Mississippi, Alabama and Texas – the states that suffered the most from hurricanes Katrina and Rita. Freddie Mac also plans to lift the moratorium on foreclosures in areas that experienced the least damage. 2theadvocate.com reports:
Freddie Mac, however, is strongly encouraging servicers to extend mortgage relief to borrowers with Freddie Mac loans on a case-by-case basis regardless of zone. Freddie Mac authorizes servicers to provide a wide range of mortgage relief to storm victims, including forbearance for up to one year from the date of the disaster.
Read more: Foreclosure hiatus extended in areas
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