Freddie Mac offers mortgage relief after Hurricane Milton impacts homeowners

On October 14, 2024, Freddie Mac announced its mortgage relief options for homeowners affected by Hurricane Milton. The organization emphasized its forbearance program, which allows impacted homeowners to receive relief for up to 12 months without incurring late fees or penalties. This initiative is part of Freddie Mac's broader commitment to support families during natural disasters, similar to the assistance provided after Hurricane Helene. Homeowners in Presidentially-Declared Major Disaster Areas, as well as those facing financial hardship due to employment disruptions, are eligible for these relief options. Freddie Mac's disaster relief measures include the suspension of foreclosure and legal proceedings while homeowners are on a forbearance plan. Once homeowners are able to resume payments, they have several options to address missed payments, including additional forbearance, reinstatement, repayment plans, and payment deferral. The payment deferral option allows homeowners to become current on their mortgage by adding missed payments to the end of the mortgage term without penalties. The organization also reminds mortgage servicers that relief options are available for homeowners outside declared disaster areas if they experience disaster-related insured losses. Freddie Mac aims to provide immediate assistance to those affected, ensuring that families can recover and maintain their homes during challenging times. Freddie Mac's mission is to promote stability and affordability in the housing market, and its disaster relief options are a crucial part of this mission, especially in the wake of natural disasters like Hurricane Milton.