If your home or place of employment has been impacted by a natural disaster such as an earthquake, flood or tornado – or a man-made disaster such as a civil-disturbance – it’s important to know what options are available to you and who to turn to for assistance.
Find out if your loan is owned by Freddie Mac.
When disaster strikes and causes extensive damage, the President of the United States may issue a Major Disaster Declaration for certain areas and authorize federal Individual Assistance programs for affected individuals and households. A list of these areas can be found on FEMA’s Disaster Declarations website. If your home or place of employment is located in an major disaster area where individual assistance has been authorized and your loan is owned by Freddie Mac, your lender/servicer (the company you make your mortgage payments to) can extend a full range of relief options, including:
- Forbearing on your mortgage payment for up to one year
- Suspending foreclosure for up to one year
- Waiving assessments of penalties or late fees
- Not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus.
If you’ve been impacted by a disaster (even if your home or place of employment are not located in a FEMA major disaster declaration has not been declared), your first step is to call your lender for help.